Eco Atlantic gets Namibian approval for Lamda farm-out assignment

(Sharecast News) - Eco Atlantic said on Monday that it had received Namibian ministerial approval for the Section 11 assignment tied to the farm-out of its 85% participating interest in offshore licence PEL 98 to Lamda Energy. The AIM-traded firm said the approval is the final governmental consent needed for the transfer, with completion expected shortly once remaining transaction documents are finalised.

Eco said Section 11 applications had also been submitted for its BP Namibia farm-out across PEL 97, 99 and 100, and for its South Africa Block 1 CBK transaction with Navitas.

Chief executive Gil Holzman said approval for PEL 98 was "a significant milestone" and added that momentum across Namibia's upstream sector was "highly encouraging".

At 1318 BST, shares in Eco Atlantic Oil & Gas were up 4.8% at 48p.

Reporting by Josh White for Sharecast.com.

See latest RNS on Investegate