Eco Atlantic Extends Namibia Licenses, Farms Out Sharon Block
September 16, 2025
Eco (Atlantic) Oil & Gas, an Atlantic Margin-focused oil and gas exploration company, has signed amendments and secured license extensions across all four of its petroleum exploration licenses in Namibia and agreed to farm out its 85% stake in PEL 98 to Namibian-owned Lamda Energy.
The Ministry of Industries, Mines and Energy of Namibia has formally approved a 12-month extension to Eco (Atlantic) to the initial exploration period for Petroleum Exploration Licenses (PELs) 97, 98, 99 and 100, with the expiration set for September 2026.
Optional renewal periods could extend the licenses for up to five additional years, with the first optional renewal set for two years, with an optional extension of one year, and the second renewal period set for additional two years.
As part of its portfolio optimization, Eco (Atlantic) has agreed to transfer its entire 85% participating interest in PEL 98 (Block 2213, the Sharon Block) to Lamda Energy, subject to government approval.
Lamda, a privately held Namibian operator, will assume all obligations and liabilities of the block and make an upfront payment to cover administrative costs. Eco (Atlantic) will retain a board seat to support transition and knowledge transfer.
In addition, in the event of a future farm-out by Lamda Energy to a third party, Lamda Energy will be required to make certain payments to Eco at a fixed quantum per percentage interest farmed out, up to a maximum of $2 million, Eco (Atlantic) said.
The company also received an Environmental Clearance Certificate on June 15, 2025, for planned seismic surveys across its Namibian portfolio. Updated work programs include 3D seismic reprocessing on PEL 97 and around 1,000 km2 of new 3D seismic on both PEL 99 and PEL 100.
"These developments represent an important step in our tactical vision and an optimization of our Namibian portfolio and work programs. I want to sincerely thank our dedicated team and our key stakeholders within the Ministry of Industries, Mines and Energy, who have worked tirelessly over the past 12 months to ensure a mutually beneficial plan and a smooth transition for the Farm-Out of PEL 98 (Sharon Block).
“Their support has been instrumental in the alignment of our efforts on our deeper water PEL's 97, 99 and 100 which have been the recent focus of industry partners,” said Gil Holzman, President and CEO of Eco Atlantic.
