Eco Atlantic announces farm-out, license extensions in Namibia

Eco Atlantic signed deeds of amendments and secured license extensions across all four of its Petroleum Exploration Licences (PELs) in Namibia. In addition, Eco has farmed out its total working interest, pending government approval, in PEL 98 (Block 2213, Sharon Block) to Lamda Energy.

A one-year extension granted to the Initial Exploration Period for PELs 97, 98, 99 and 100 now continues to September 2026, plus an optional two years, one year and two years.

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.