Eco Atlantic receives final nod for offshore Namibia licences

Eco Atlantic Oil & Gas Ltd on Friday says it has received final ministerial approval for the transfer of a 60% participating interest in its three offshore Namibia licences to BP Namibia Energy Ltd.

The Africa and South American-focused oil & gas exploration company said the approval represents the final government consent required under Section 11 of Namibia's Petroleum (Exploration & Production) Act.

The parties are completing the remaining closing deliverables, with completion expected shortly, said Eco.

Under the agreement, Eco will receive a one-time cash payment of USD2.7 million upon completion and retain a 25% participating interest in each licence.

During the current exploration phase, BP will carry Eco's retained interest, as well as Eco's proportionate share of the 10% interest held by NAMCOR and the 5% interest held by local partners.

The approved exploration programme includes seismic reprocessing on PEL97 and the acquisition of at least 3,000 square kilometres of new 3D seismic data across PEL99 and PEL100.

President and Chief Executive Officer Gil Holzman called the regulatory approval a "significant milestone" in a "landmark transaction".

"With final regulatory approval now secured, we will complete the remaining closing formalities as swiftly as possible and look forward to moving full steam ahead with BP, NAMCOR and our local partners into the next phase of exploration across these highly prospective Walvis Basin licences.

"With our significant South Africa and Namibia transactions now successfully progressed, our focus turns to delivering the remaining key milestones across the portfolio, including finalising our PSA negotiations in Guyana and completing the JHI acquisition announced earlier this year."

Shares in Eco Atlantic were down 0.2% at 41.70 pence per share on Friday afternoon in London.

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