The Namibian government has approved Eco (Atlantic) Oil & Gas’ transfer of its 85% participating interest in Petroleum Exploration Licence (PEL) 98 to locally owned Lamda Energy, clearing the final regulatory hurdle for the offshore transaction.
Eco Atlantic announced that it had received ministerial approval under Section 11 of Namibia’s Petroleum (Exploration and Production) Act, allowing the assignment of its stake in the offshore licence to Lamda Energy.
The approval marks the final government consent required for the transaction, with the parties now finalising the remaining documentation ahead of completion.
The company said the approval reflects continued regulatory progress in Namibia’s offshore petroleum sector and demonstrates the government’s commitment to facilitating commercial transactions and advancing exploration activity.
The development comes as Eco advances several other transactions in Namibia’s upstream sector.
The company confirmed that its Section 11 application for the farm-out of interests in Petroleum Exploration Licences 97, 99 and 100 to BP Namibia Energy Limited has been submitted to the Ministry of Industries, Mines and Energy, marking the next key regulatory milestone for that transaction.
Eco also announced that its Section 11 application relating to the farm-out of Block 1 CBK to Navitas Petroleum LP was formally submitted to South Africa’s Petroleum Agency (PASA) on 26 June 2026.
Eco Atlantic Co-Founder and Chief Executive Officer Gil Holzman said the PEL 98 approval represented a major step towards completing the transaction.
“Ministerial approval for the PEL 98 transaction is a significant milestone for Eco and our partners as we move the farm-out towards completion. Eco would like to express its sincere appreciation to the Ministry, the Upstream Petroleum Unit, and all parties involved in facilitating this process,” Holzman said.
He said the pace of regulatory approvals was strengthening confidence in Namibia’s offshore oil and gas industry.
“It is also highly encouraging to see broader momentum across Namibia’s upstream sector continue to grow. Ministerial approvals are progressing, providing increased confidence for companies operating in the country and supporting the advancement of exploration and commercial transactions across Namibia’s offshore acreage,” he said.
Holzman added that the company was looking to advance its Namibian asset portfolio as approvals for the remaining transactions progressed.
“With our farm-out from PEL 98 in its final stages and the Section 11 applications for both our Block 1 CBK transaction with Navitas, and the PELs 97, 99 and 100 transaction with BP Namibia submitted, we look forward to continuing to advance our portfolio of world-class assets in one of the world’s most prospective offshore exploration regions,” he said.
Eco Atlantic is a TSX-V and AIM-listed oil and gas exploration company focused on the Atlantic Margin, with offshore licence interests in Guyana, Namibia and South Africa.
The company aims to create value for shareholders by exploring for low-carbon intensity oil and gas resources in stable emerging markets located close to existing infrastructure.
In Guyana, the company operates a 100% working interest in the 1,354km² Orinduik Block in the Guyana-Suriname Basin. In Namibia, Eco holds operatorship and an 85% working interest in offshore Petroleum Exploration Licences 97, 99 and 100, covering a combined area of 22,893km² in the Walvis Basin.
In South Africa, the company holds a 5.25% working interest in Block 3B/4B and a 75% operated interest in Block 1 CBK in the Orange Basin, covering approximately 37,510km².
