{"id":15228,"date":"2025-09-16T09:24:59","date_gmt":"2025-09-16T09:24:59","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=15228"},"modified":"2025-09-16T09:25:01","modified_gmt":"2025-09-16T09:25:01","slug":"namibia-eco-atlantic-announces-farmout-of-pel-98-and-license-extensions-for-pels-97-99-and-100","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-eco-atlantic-announces-farmout-of-pel-98-and-license-extensions-for-pels-97-99-and-100\/","title":{"rendered":"NAMIBIA: Eco Atlantic Announces Farmout of PEL 98 and License extensions for PEL’s 97, 99 and 100"},"content":{"rendered":"\n

Eco (Atlantic) Oil & Gas <\/strong>has announced key developments in its Namibian portfolio aimed at optimising operations and exploration focus.\u00a0<\/p>\n\n\n\n

Eco has signed deeds of amendments and secured license extensions across all four of its Petroleum Exploration Licences in\u00a0Namibia. In addition, Eco has farmed out its total 85% Working Interest, pending government approval, in PEL 98 (Block 2213 “Sharon Block”) to an arms-length wholly Namibian-owned company,\u00a0Lamda Energy (Pty) Ltd.<\/p>\n\n\n\n

These strategic developments allow Eco to focus on unlocking the hydrocarbon potential of its highly prospective and deeper water acreage in Namibia while continuing to support local ownership and operational leadership. The Company is currently receiving interest to farm down the extended licenses and their revised work programmes.   <\/p>\n\n\n\n

Namibia Optimisation Highlights:  <\/strong><\/p>\n\n\n\n

\u00b7    One (1) year extension granted to the Initial Exploration Period for PELs 97, 98, 99 and 100 now continuing to September 2026 (the “Initial Extension Year”)<\/p>\n\n\n\n

\u00b7    Optional First Renewal Period of two (2) years following the Initial Extension Year (the “First Renewal Period”)<\/p>\n\n\n\n

\u00b7    Optional Extension of the First Renewal Period of additional one (1) year, following completion of the initial First Renewal (the “First Renewal Extension”)<\/p>\n\n\n\n

\u00b7    Optional Second Renewal Period of two (2) additional years, commencing after the completion of the First Renewal Extension<\/p>\n\n\n\n

\u00b7    New Negotiated Schedule and Work Programmes for PELs 97, 99 and 100<\/p>\n\n\n\n

\u00b7    Farm-out of all of Eco’s 85% interest in PEL 98, subject to government approval, to Lamda Energy, a 100% Namibian-owned company<\/p>\n\n\n\n

\u00b7    Eco received Environmental Clearance Certificate for planned seismic surveys across the Namibian portfolio on 15 June 2025<\/p>\n\n\n\n

\u00b7    Eco is engaged in farm-down and seismic operations discussions with potential new partners.<\/p>\n\n\n\n

Farm-Out of PEL 98 to Lamda Energy:<\/strong><\/p>\n\n\n\n

As Eco shifts its geological focus to deeper proven plays in\u00a0Namibia, the Company has approved the Farm-Out of its entire 85% Participating Interest in the shallower PEL 98 Block 2213 to locally owned <\/p>\n\n\n\n

Under the terms of the Farm-Out Agreement, Lamda Energy will make an up-front payment to Eco for administrative costs, and, on completion, will assume all obligations and liabilities associated to PEL 98. 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 US$2 million.<\/p>\n\n\n\n

Eco will retain a board seat at Lamda Energy to support a comprehensive transition and knowledge transfer ensuring a smooth and responsible handover. This marks a significant milestone in building local capacity and advancing inclusive energy development.<\/p>\n\n\n\n

Portfolio-Wide Newly Negotiated Schedules and Work Programmes:<\/strong><\/p>\n\n\n\n

The Ministry of Industries, Mines and Energy of the Republic of Namibia has formally approved a 12-month extension to the First Renewal Exploration Period for all four licenses, granted under Section 30 (2A) of the Petroleum (Exploration and Production) Act. The revised expiry date for the First Renewal Exploration Period is now September 2026. In summary: one (1) year extension granted to the Initial Exploration Period for PELs 97, 98, 99 and 100; Optional First Renewal Period of two (2) years, after extension year; Optional Extension of the First Renewal Period of additional one (1) year, after First Renewal; Optional Second Renewal Period of an additional two (2) years, after First Renewal Extension. These extended schedules provide Eco and its partners additional time to pursue enhanced exploration activities and attract new farm-in partners to the licenses. <\/p>\n\n\n\n

The updated and approved Work Programmes include on PEL 97 3D seismic reprocessing, and a ~1000 km2<\/sup> 3D seismic survey and processing on each of PEL 99 and 100. An Environmental Clearance Certificate, issued on 15 June 2025 by the Ministry of Environment, Forestry and Tourism, authorises Eco to undertake the planned seismic activities across its licenses in the deepwater Walvis Basin offshore Namibia.<\/p>\n\n\n\n

Gil Holzman, President and CEO of Eco Atlantic, commented:<\/strong><\/p>\n\n\n\n

“These developments represent an important step in our tactical vision and an optimisation of our Namibian portfolio and work programmes. 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.<\/em><\/p>\n\n\n\n

“This strategy builds on Eco’s long-standing history of pioneering and supporting local involvement and contributions, beginning with the first proposal of NAMCOR as a 10% carried interest partner in 2011. And additionally with our new license issuance in 2021 adding a further 5% Local Partner (carried) on each of our blocks, we remain firmly committed to promoting local content and ensuring equitable partnerships for Namibian stakeholders and colleagues. With these license extensions and updated work programmes, we are now well-positioned to unlock further value in Namibia. I would also like to thank the Ministry of Mines, Energy and Industries Petroleum Commissioner for her collaborative work and guidance, as well as to our Namibia country manager Tironenn Kauluma for his ongoing leadership and stakeholder engagement efforts.”<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Eco (Atlantic) Oil & Gas has announced key developments in its Namibian portfolio aimed at optimising operations and exploration focus.\u00a0 Eco has signed deeds of amendments and secured license extensions … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":15229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[12000,11471,12132,1675,9994,9995,9997,12131],"class_list":["post-15228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-block-2213","tag-eco-atlantic-oil-gas-2","tag-lamda-energy","tag-namibia","tag-pel-97","tag-pel-98","tag-pel-99","tag-sharon-block","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/09\/Eco-Atlantics-Namibia-acreage-following-approval-of-PEL-98-farmout.jpg?fit=445%2C445&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3XC","jetpack-related-posts":[{"id":15398,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-namibia-eco-atlantic-strengthens-southern-africa-portfolio-through-strategic-partnership-with-navitas-petroleum\/","url_meta":{"origin":15228,"position":0},"title":"SOUTH AFRICA\/NAMIBIA: Eco Atlantic Strengthens Southern Africa Portfolio Through Strategic Partnership with Navitas Petroleum","author":"","date":"December 4, 2025","format":false,"excerpt":"Eco (Atlantic) Oil & Gas Ltd. has announced a major strategic development that reinforces its exploration ambitions in South Africa and Namibia, following the signing of a long-term partnership agreement with Navitas Petroleum. While the wider partnership covers several geographies, the implications for Eco\u2019s southern African assets\u2014Block 1 CBK offshore\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/09\/Eco-Atlantics-Namibia-acreage-following-approval-of-PEL-98-farmout.jpg?fit=445%2C445&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11552,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-south-africa-eco-atlantic-acquires-azinams-asset-base\/","url_meta":{"origin":15228,"position":1},"title":"Namibia\/South Africa: Eco Atlantic Acquires Azinam’s Asset Base","author":"","date":"January 10, 2022","format":false,"excerpt":"Highlights\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Acquisition of a material offshore petroleum exploration asset base in\u00a0Namibia\u00a0and\u00a0South Africa \u00b7\u00a0\u00a0\u00a0\u00a0Consideration in the form of new common shares to Azinam Holdings Limited who will own 16.65% of the enlarged Group \u00b7\u00a0\u00a0\u00a0\u00a0The Vendor will also be issued warrants in the Company, exercisable only upon a\u00a0producible commercial discovery \u00b7\u00a0\u00a0\u00a0\u00a0The transaction\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13016,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-sintana-energy-receives-petroleum-exploration-license-87-extension-approval\/","url_meta":{"origin":15228,"position":2},"title":"NAMIBIA: Sintana Energy Receives Petroleum Exploration License 87 Extension Approval","author":"","date":"December 22, 2022","format":false,"excerpt":"Sintana Energy has provided the following update on several matters including a recently approved extension to Petroleum Exploration License 87 (PEL 87), a year-end review and 2023 outlook. \u201c2022 was a seminal year in Sintana\u2019s history underpinned most notably by our entry into Namibia in March,\u201d said Robert Bose, President\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Namibia-sintana-energy.png?fit=541%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Namibia-sintana-energy.png?fit=541%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Namibia-sintana-energy.png?fit=541%2C600&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":15555,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-pancontinental-energy-first-renewal-exploration-period-for-pel-87-ends\/","url_meta":{"origin":15228,"position":3},"title":"NAMIBIA: Pancontinental Energy First Renewal Exploration Period for PEL 87 Ends","author":"","date":"January 25, 2026","format":false,"excerpt":"Pancontinental Energy has provided an update in relation to its PEL 87 project, offshore Namibia following the submission an application to the Namibian Ministry of Industry, Mines and Energy (MIME) on 6 October 2025 for a 12 month extension to the PEL 87 First Renewal Exploration Period. The Company says\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Namibia-PEL-87.png?fit=1082%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Namibia-PEL-87.png?fit=1082%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Namibia-PEL-87.png?fit=1082%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Namibia-PEL-87.png?fit=1082%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Namibia-PEL-87.png?fit=1082%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":12709,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-trago-energy-sintana-completes-transaction-in-respect-to-its-interests-in-pel-90\/","url_meta":{"origin":15228,"position":4},"title":"NAMIBIA: Trago Energy, Sintana, Completes Transaction in Respect to Its Interests in PEL 90","author":"","date":"October 5, 2022","format":false,"excerpt":"Sintana Energy has announced that Trago Energy a Namibian affiliate of the Company, has completed a transaction with Chevron Namibia Exploration Limited, a wholly-owned subsidiary of Chevron, in respect of its interest in Petroleum Exploration License 90 (\u201cPEL 90\u201d) located in the Orange Basin in Namibia. Trago will retain a\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/10\/Namibia-PEL-90.jpg?fit=541%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/10\/Namibia-PEL-90.jpg?fit=541%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/10\/Namibia-PEL-90.jpg?fit=541%2C600&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11758,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-shell-strikes-oil-at-graff-1-deepwater-wildcat\/","url_meta":{"origin":15228,"position":5},"title":"NAMIBIA: Shell Strikes Oil at Graff-1 Deepwater Wildcat","author":"","date":"February 7, 2022","format":false,"excerpt":"The National Petroleum Corporation of Namibia (NAMCOR), the Namibian state-owned oil company, and its partners, Shell Namibia Upstream B.V and Qatar Energy, are pleased to announce that the Graff-1 deep-water exploration well has made a discovery of light oil in both primary and secondary targets. 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