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Eco (Atlantic) Oil and Gas Ltd. Announces Farm Down of Namibian Portfolio to BP
TORONTO, ON / ACCESS Newswire / April 13, 2026 / Eco (Atlantic) Oil & Gas Ltd. ("Eco," "E...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Farm Down of Namibian Portfolio to BPTORONTO, ON / ACCESS Newswire / April 13, 2026 / Eco (Atlantic) Oil & Gas Ltd. (\"Eco,\" \"Eco Atlantic,\" \"Company,\" or together with its subsidiaries, the \"Group\")(AIM:ECO)(TSX‐V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce that it has signed an agreement to farm down 60% Participating interest (\"PI\") in all three of its Petroleum Exploration Licenses (\"PEL\") offshore Namibia to BP Namibia Energy Ltd, a wholly owned subsidiary of BP Exploration Operating Company Limited (\"BP\").The Farmout Agreement, signed on 10 April 2026 (\"FOA\") (the \"Agreement\"), pursuant to which wholly owned subsidiaries of Eco: Azinam Group Limited, Eco Oil & Gas Namibia (Proprietary) Limited (\"Eco Namibia\") and Eco Oil & Gas Services (Proprietary) Limited (\"Eco Services\") will farm out an aggregate of 60% Participating Interest and transfer Operatorship to BP in respect of the Block 2012A PEL97 (\"Cooper License\"), Blocks 2111B and 2211A PEL99 (\"Guy License\") and Blocks 2211B and 2311A PEL100 (\"Tamar License\") (the \"Transaction\").Upon successful completion of the Transaction, Eco through its wholly owned subsidiaries Eco Namibia and Eco Services will retain a 25% interest in PEL97, PEL99 and PEL100 (\"Eco's 25% Retained PI\"). Completion of the Transaction is subject to customary conditions and approvals from the Namibian authorities, Ministry of Industries Mines and Energy and Upstream Petroleum Unit at the State House.Transactions Highlights:·A one time cash consideration of US$2.7 million payable at Transaction completion.·BP will carry 100% of Eco's 25% Retained PI as well as Eco's proportionate share of the NAMCOR (10%) and the Local Partners (5%) PI Carry on PEL97, PEL99 and PEL100 against the current exploration phase.·The proposed exploration work program (which is subject to requisite government approval), includes; completing seismic reprocessing on PEL97 and carrying out a 3D Seismic Survey of at least 3,000km2 on PEL99 and PEL100.·If BP and partners elect to enter the Second Renewal Period of the license term in 2028 and commit to drilling an exploration well, Eco will have the option to either (i) exercise a Put Option to transfer an addit...