Eco Atlantic Advances BP Farm-Out Deal Across Three Namibian Offshore Licenses

Eco Atlantic Oil & Gas is moving to complete the farm-out of a 60% interest in three offshore exploration licenses in Nambia's Walvis Basin to BP Namibia Energy, marking BP's entry into the country as an operator. The transaction follows the receipt of key regulatory approvals and includes the transfer of operatorship of the licenses, while Eco Atlantic retains a 25% interest and state-owned Namcor remains a partner.

The deal strengthens BP's position in one of Africa's fastest-growing offshore exploration rgions and reflects increasing investment in Namibia's energy sector following recent discoveries in the neighbouring Orange Basin. In addition to a US$2.7million cash payment at closing, BP will fund future exploration activities, supporting seismic studies and the eventual drilling of exploration wells across the Walvis Basin acreage.

Advisory Team:

CLIFFE DEKKER HOFMEYR (CDH)

Megan Rodgers

Amore Carstens-Petersen

IIda Lomba

Nhika Vassallo

Dean Tennant

Nozinhle Mbuyane