Eco Atlantic Oil & Gas is expecting the completion of its farm-down agreement with BP Namibia Energy in the third quarter of 2026, as preparations continue for seismic programmes across its offshore petroleum licences in Namibia.
President and chief executive Gil Holzman says the company is progressing with the transaction with BP Namibia Energy Ltd, a wholly owned subsidiary of BP Exploration Operating Company Ltd, covering petroleum exploration licences (PEL) 97, 99 and 100.
Holzman says the transaction is expected to close in the third quarter of 2026, subject to the fulfilment of the remaining conditions. Upon completion, BP will pay Eco US$2.7 million (about N$44 million) in cash.
He says BP will also fund 100% of Eco’s retained 25% interest, as well as Eco’s proportionate share of the interests held by the National Petroleum Corporation of Namibia (10%) and local partners (5%) during the current exploration phase.
The chief executive says the maximum aggregate carry by BP for Eco’s interests across the three licences amounts to US$63 million (about N$1 billion), based on a ceiling of US$21 million (about N$346 million) per licence.
Holzman says Eco and its partners are preparing for extensive exploration activities in Namibia, including the completion of seismic reprocessing on PEL 97 and the acquisition of a 3 000 square kilometre three-dimensional seismic survey over PELs 99 and 100.
He says the company expects to receive the necessary government approvals in the third quarter of 2026 for the farm-out of PEL 98 to Lamda Energy (Pty) Ltd.
Commenting on the company’s broader strategy, Holzman says 2026 has already been a transformational year, with several value-enhancing initiatives progressing simultaneously across its portfolio.
“In what has already proven to be a transformational year to date, multiple further value-adding workstreams remain underway across our portfolio of four diversified Atlantic Margin basins,” he says.
Holzman says the return of major international energy companies to Atlantic Margin exploration reinforces Eco’s position in key offshore jurisdictions.
“It is good to see a number of the sector’s largest players returning to high-impact Atlantic Margin exploration, and we believe Eco is perfectly positioned in four of the most attractive jurisdictions.
“We are excited about the coming months and the number of additional corporate, operational and financial catalysts that lie ahead.”
