CANADIAN oil and gas exploration company Eco Atlantic Oil and Gas has received final government approval to transfer its stake in Namibia’s offshore petroleum exploration licence 98 to Namibia’s Lamda Energy
According to a notice on the London Stock Exchange, Lamda Energy will acquire Eco Atlantic’s 85% participating interest in PEL 98, an offshore exploration licence located in Namibia’s Atlantic margin.
The Ministry of Industries, Mines and Energy has granted the approval.
Lamda Energy is a Namibian-owned oil and gas company founded by Fernando Sylvester.
Eco Atlantic says the ministerial approval was the final regulatory requirement needed before the transaction could be completed.
The company and Lamda Energy are now finalising the remaining documentation, with completion expected soon.
Eco Atlantic chief executive Gil Holzman says the approval reflects continued progress in Namibia’s offshore exploration industry and signals government support for advancing exploration and commercial activities.
“This is a significant milestone for Eco and our partners as we move the farm-out towards completion,” he says.
Meanwhile, Eco Atlantic confirmed it has submitted another Section 11 application to the ministry for its farm-out agreement involving PEL 97, 99 and 100 with BP Namibia Energy Limited.
The company says this application will be the next major regulatory step in moving the transaction forward.
Eco Atlantic is also progressing a separate transaction involving block 1 CBK in South Africa with Navitas Petroleum LP.
Beyond Namibia and South Africa, Eco Atlantic says it continues negotiations with Guyana’s ministry of natural resources over a new production sharing agreement for the Orinduik block, with completion expected in the third quarter of 2026.
The company is also awaiting regulatory approvals linked to its activities in the Falkland Islands, including confirmation of a five-year licence extension and approval of Navitas as operator.
