Eco Atlantic completes Namibian portfolio farm-down to BP

Eco Atlantic Oil & Gas Ltd on Tuesday announced that it completed a Namibian portfolio farm-down to BP Namibia Energy Ltd, the ultimate parent of which is oil major BP PLC.

Eco Atlantic, a Toronto-based explorer on offshore Atlantic margins, said that on Monday, it received formal ministerial deeds signature from Namibia's Industries, Mines & Energy Minister Modestus Amutse for the transfer.

Eco Atlantic said it will receive a USD2.7 million one-time cash consideration next week Monday.

The firm retains a 25% participating interest in petroleum exploration licenses 97, 99 and 100 during the current exploration phase.

It added that the exploration work programme is now approved by Namibia's government.

Eco Atlantic Chief Executive Officer Gil Holzman said: "The successful completion of the farm down of our Namibia portfolio to BP is a landmark achievement not only for Eco but also for Namibia's oil and gas sector, which has now gained another leading international oil company operator in its prospective offshore acreage. This transaction once again evidences our ability to execute our strategy of derisking our portfolio through partnerships with international oil companies and experienced operators while continuing to hold material exposure to prospective acreage with substantially reduced financial commitments."

He added: "Beyond Namibia, we remain focused on progressing and completing our other transformational farm-outs and merger & acquisition transactions in our other key jurisdictions: the Falkland Islands and Guyana."

Eco Atlantic shares rose 3.6% to 45.60 pence each on Tuesday afternoon in London, while BP shares were down 2.1% to 545.30p, amid a decline in the Brent oil price per barrel on Tuesday.

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