Star Metro - Eco (Atlantic) Oil and Gas Ltd. Announces Ministerial Approval for Namibia PEL 98 Farm-Out

TORONTO, ON / ACCESS Newswire / June 29, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG) (Toronto, Canada), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce that it has received formal Ministerial approval from the Ministry of Industries, Mines and Energy of Namibia (the "Ministry") for the Section 11 assignment relating to the Company's previously announced farm-out of its 85% participating interest in Petroleum Exploration Licence 98 ("PEL 98"), offshore Namibia, to an arm's-length wholly Namibian-owned company, Lamda Energy (Pty) Ltd ("Lamda Energy") (the "Farm-Out").

The Ministerial approval represents the final governmental consent required under Section 11 of Namibia's Petroleum (Exploration and Production) Act for the assignment of Eco's interest in PEL 98 to Lamda Energy. Following receipt of this final Ministerial approval, the parties are now completing the remaining transaction documentation, with completion of the Farm-Out expected shortly.

The receipt of this approval demonstrates continued regulatory progress within Namibia's highly prospective offshore sector and reflects the Ministry's ongoing commitment to advancing commercial transactions and exploration activity across the country.

The Company also confirms that the Section 11 application relating to its recently announced farm-out transaction with BP Namibia Energy Limited ("bp Namibia") across Petroleum Exploration Licences 97, 99 and 100 has now been submitted to the Ministry and will be the next key regulatory milestone in progressing that transaction. Eco is also pleased to confirm that the Section 11 application relating to the Company's recently announced farm-out transaction on Block 1 CBK to Navitas Petroleum LP ("Navitas") was formally submitted and received by the Petroleum Agency South Africa ("PASA") on 26 June 2026.

In Guyana, Eco and Navitas continue to make strong progress in advanced negotiations with the Ministry of Natural Resources regarding the new Production Sharing Agreement ("PSA") for the Orinduik Block, with completion expected during Q3 2026.

In the Falkland Islands, following its farm-in to PL001 (announced on 12 January 2026) and its proposed acquisition of JHI Associates Inc. ("JHI") (announced on 11 March 2026), Eco continues to progress the remaining regulatory approvals and is awaiting formal confirmation of the five-year licence extension and approval of Navitas' operatorship from the Falkland Islands Government ("FIG").

The Company will provide further updates on each of these transactions as the respective commercial negotiations and approval processes progress.

Gil Holzman, Co-Founder and Chief Executive Officer of Eco Atlantic, commented:

"Ministerial approval for the PEL 98 transaction is a significant milestone for Eco and our partners as we move the Farm-Out towards completion. Eco would like to express its sincere appreciation to the Ministry, the Upstream Petroleum Unit, and all parties involved in facilitating this process.

"It is also highly encouraging to see broader momentum across Namibia's upstream sector continue to grow. Ministerial approvals are progressing, providing increased confidence for companies operating in the country and supporting the advancement of exploration and commercial transactions across Namibia's offshore acreage.

"With our farm-out from PEL 98 in its final stages and the Section 11 applications for both our Block 1 CBK transaction with Navitas, and PEL97,99 & 100 transaction with bp Namibia submitted, we look forward to continuing to advance our portfolio of world-class assets in one of the world's most prospective offshore exploration regions."

ENDS

For more information, please visit www.ecooilandgas.com or contact the following.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Eco Atlantic:

Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.

In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km² Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km² in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km².

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

SOURCE: Eco (Atlantic) Oil and Gas Ltd.

View the original press release on ACCESS Newswire

A.Lavoie--SMC