BP’s Namibia farm-in has cleared its final government approval requirement, bringing the company closer to acquiring 60% stakes and operatorship in three offshore exploration licences held by Eco Atlantic. The transaction has yet to close.

Eco Atlantic confirmed in its 2 October announcement that ministerial consent had been granted the previous day. The proposed acquisition comprises PEL97, PEL99 and PEL100 in the Walvis Basin, also known as Cooper, Guy and Tamar.

Once the deal closes, Eco Atlantic will receive $2.7 million and keep a 25% stake in each licence. NAMCOR holds 10%, while local partners hold 5%. The farm-out agreement was announced on 13 April 2026.

For the current exploration phase, BP will pay the costs corresponding to Eco Atlantic’s retained stake. It will also cover the portion of costs that Eco Atlantic must bear for the interests held by NAMCOR and the local partners.

The government-approved work includes seismic reprocessing for PEL97. For PEL99 and PEL100, the partners plan to obtain new 3D seismic coverage spanning at least 3,000 square kilometres.

An additional funding option would become available if the partners proceed into the second renewal period in 2028 and commit to drilling an exploration well. Eco Atlantic could assign another 10% stake to BP, which would fund all costs attributable to its remaining 15% for that well, capped at $21 million per well on each licence. Alternatively, Eco Atlantic could keep its 25% stake and pay its share of drilling expenditure.

The parties are finalising the steps needed to close the deal. Eco Atlantic expects completion shortly and plans to issue a further announcement once the transaction is concluded.