en.Wedoany.com Reported - Namibia's Ministry of Mines and Energy has officially approved the transfer of an 85% participating interest in offshore petroleum exploration license 98 (PEL 98) from Eco (Atlantic) Oil & Gas to local company Lamda Energy, with the approval involving a Section 11 transfer.

This approval indicates that the regulatory approval process for Namibia's high-potential offshore blocks is progressing in an orderly manner, and also reflects the Ministry's continued support for facilitating commercial transactions and exploration operations in the country.

Eco Atlantic also confirmed that it has submitted to the Ministry the relevant Section 11 applications required for the transfer transaction with BP Namibia Energy Limited regarding petroleum exploration licenses 97, 99, and 100, which will be a key regulatory step for the subsequent progress of this transaction. Additionally, the Section 11 application for the transfer of the 1 CBK block to Navitas Petroleum LP was formally submitted on June 26, 2026, and has been accepted by the Petroleum Agency of South Africa (PASA).

Eco Atlantic co-founder and CEO Gil Holzman stated that the ministerial approval of the PEL 98 transaction is a significant milestone for the company and its partners, with the transfer process now entering its final stages. He expressed gratitude to the Ministry, the upstream petroleum authority, and all institutions that assisted in advancing the process.

Holzman added that the overall development momentum in Namibia's upstream sector continues to improve, and the progress of ministerial approvals has strengthened the confidence of operating companies, while also supporting exploration and commercial transactions in the country's offshore blocks.

With the PEL 98 transfer nearing completion, and the Section 11 applications for the 1 CBK block transaction with Navitas and the PEL 97, 99, and 100 transactions with bp Namibia all submitted, the company stated it looks forward to continuing to advance its asset portfolio in one of the world's most promising offshore exploration regions.