Eco Atlantic Oil & Gas@EcoAtlantic_OG
#ECO is pleased to announce that it has signed an agreement to farm down a 60% participating interest across its offshore Namibia Petroleum Exploration Licenses to a wholly owned subsidiary of BP.
This strategic transaction marks a significant milestone for Eco’s Namibian portfolio in the Walvis Basin, introducing a supermajor operator while materially reducing Eco’s capital exposure and retaining meaningful upside across all three licenses. The agreement further validates Eco’s long-standing belief in the basin’s prospectivity and aligns with its strategy of partnering with leading global operators to advance high-impact exploration assets.
President and CEO of Eco, Gil Holzman: "This successful farm down of our Namibian Walvis Basin Licenses marks an incredible moment for Namibia, for Eco Atlantic and its shareholders. This transaction is a clear demonstration of our strategy partnering with Supermajors and IOC’s, to derisk our portfolio while retaining material exposure to significant upside potential with very limited financial requirements from Eco. Eco entered Namibia in 2011, with a firm belief of the Walvis basin subsurface potential, and we are proud to attract an IOC of BP’s calibre to further explore this prospective basin."
Find the full announcement here: londonstockexchange.com/news-article/E…
