Eco (Atlantic) Oil and Gas Ltd. Announces Ministerial Approval for Namibia PEL 98 Farm-Out

About this update from Eco (atlantic) Oil & Gas Ltd.

PEL97,99 & 100, and South Africa Block 1 Section 11 Processes Underway TORONTO, ON / ACCESS Newswire / June 29, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG) (Toronto, Canada), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce that it has received formal Ministerial approval from the Ministry of Industries, Mines and Energy of Namibia (the "Ministry") for the Section 11 assignment relating to the Company's previously announced farm-out of its 85% participating interest in Petroleum Exploration Licence 98 ("PEL 98"), offshore Namibia, to an arm's-length wholly Namibian-owned company, Lamda Energy (Pty) Ltd ("Lamda Energy") (the "Farm-Out"). The Ministerial approval represents the final governmental consent required under Section 11 of Namibia's Petroleum (Exploration and Production) Act for the assignment of Eco's interest in PEL 98 to Lamda Energy. Following receipt of this final Ministerial approval, the parties are now completing the remaining transaction documentation, with completion of the Farm-Out expected shortly. The receipt of this approval demonstrates continued regulatory progress within Namibia's highly prospective offshore sector and reflects the Ministry's ongoing commitment to advancing commercial transactions and exploration activity across the country. The Company also confirms that the Section 11 application relating to its recently announced farm-out transaction with BP Namibia Energy Limited ("bp Namibia") across Petroleum Exploration Licences 97, 99 and 100 has now been submitted to the Ministry and will be the next key regulatory milestone in progressing that transaction. Eco is also pleased to confirm that the Section 11 application relating to the Company's recently announced farm-out transaction on Block 1 CBK to Navitas Petroleum LP ("Navitas") was formally submitted and received by the Petroleum Agency South Africa ("PASA") on 26 June 2026. In Guyana, Eco and Navitas continue to make strong progress in advanced negotiations with the Ministry of Natural Resources regarding the new Production Sharing Agreement ("PSA") for the Orinduik Block, with completion expected during Q3 2026. In the Falkland Islands, following its farm-in to PL001 (announced on 12 January 2026) and its proposed acquisition of JHI Associates Inc. ("JHI") (announced on 11 March 2026), Eco c...

View stock analysis, news, and events for Eco (atlantic) Oil & Gas Ltd.