Eco has farmed out its entire 85% participating interest in PEL 98 (Block 2213, Sharon Block) to Lamda Energy, a wholly Namibian-owned company, pending government approval.
Lamda Energy will assume all obligations and liabilities associated with PEL 98 and make an up-front payment to Eco for administrative costs.
In the event of a future farm-out to a third party, Lamda will make payments to Eco up to a maximum of US$2 million.
Eco will retain a board seat at Lamda Energy.
In addition to the farm-out, Eco signed deeds of amendments and obtained a one-year extension to the Initial Exploration Period for PELs 97, 98, 99 and 100, now continuing until September 2026.
Optional renewals include a two-year First Renewal Period, a one-year First Renewal Extension, and a two-year Second Renewal Period.
Eco has been active in Namibia since 2011, when it was among the first independents to secure offshore acreage.
Today, its portfolio covers more than 28,500 km² across the Walvis, Sharon, and Guy blocks. PEL 97 lies in the Walvis Basin, PEL 98 in the shallow-water Sharon Block, and PELs 99 and 100 in deeper-water acreage, where Eco has committed significant work programmes.
The company has invested millions of US dollars in seismic surveys, licensing fees, and exploration commitments over the past decade, including costs tied to 2D and 3D seismic reprocessing and new 3D seismic campaigns now planned.
The Ministry of Industries, Mines and Energy approved new schedules and work programmes across the portfolio.
Updated activities include 3D seismic reprocessing on PEL 97 and acquisition and processing of approximately 1,000 km² of 3D seismic on each of PEL 99 and 100.
Eco received an Environmental Clearance Certificate on 15 June 2025, authorising the planned seismic activities.
Eco President and CEO Gil Holzman said the developments optimise the company’s Namibian portfolio.
“With these license extensions and updated work programmes, we are now well-positioned to unlock further value in Namibia,” he said.
