Eco (Atlantic) Oil & Gas Wins Approval for Namibian Licenses Farm-down to BP

04:40 AM EDT, 10/02/2026 (MT Newswires) -- Eco (Atlantic) Oil & Gas (ECO.L) received ministerial clearance for the farm-down of a 60% interest in its three offshore petroleum exploration licenses in Namibia to BP (BP.L) unit BP Namibia Energy. The final approval from Namibia's Ministry of Industries, Mines and Energy enables the transfer and assignment of the stake in the PEL97, PEL99 and PEL100 offshore exploration blocks to the British oil and gas giant, according to a Friday release. Once the transaction closes, the oil and gas company will receive $2.7 million in cash and retain a 25% stake in the licenses.