Eco Oil & Gas Ltd.: Eco Oil & Gas Ltd Announces Ministerial Approval - Namibia Licences Farm-down

Final Ministerial Approval Received for Namibia Licences Farm-down to BP

TORONTO, ONTARIO / ACCESS Newswire / October 2, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG) (Toronto, Canada), the oil and gas exploration companyfocused on the offshore Atlantic Margins, is pleased to announce that on 1 October 2026, it received formal Ministerial approval from the Honourable Minister of Industries, Mines and Energy of Namibia (the "Ministry") for the transfer and assignment, relating to the Company's previously announced farm down of a 60% Participating interest ("PI"), in all three of its Petroleum Exploration Licenses ("PEL") offshore Namibia to BP Namibia Energy Ltd, a wholly owned subsidiary of BP Exploration Operating Company Limited ("BP").

Further to the announcement on 13 April 2026 regarding the Farmout Agreement ("FOA") (the "Agreement"), Eco, through its wholly owned subsidiaries: Azinam Group Limited, Eco Oil & Gas Namibia (Proprietary) Limited ("Eco Namibia") and Eco Oil & Gas Services (Proprietary) Limited ("Eco Services") have agreed to farm out an aggregate of 60% of its Participating Interest, transferring Operatorship to BP in respect of Block 2012A PEL97 ("Cooper License"), Blocks 2111B and 2211A PEL99 ("Guy License") and Blocks 2211B and 2311A PEL100 ("Tamar License") (the "Transaction"). The Ministerial approval represents the final governmental consent required under Section 11 of Namibia's Petroleum (Exploration and Production) Act for the transfer and assignment of a 60% Participating Interest in PELs 97, 99 & 100 from Eco to BP. Following receipt of this final Ministerial approval, the parties are now completing the remaining closing deliverables, and completion is expected shortly. A further announcement will be made on completion.

The Transaction enables the Joint Venture ("JV") to embark on a comprehensive exploration work program, and the Company to substantially reduce its funding exposure while retaining material upside exposure to the licenses and introduces a major international operator to progress the Blocks' exploration activities. Eco intends to use the cash proceeds of the Transaction to support the Company's ongoing growth through exploration and appraisal activities across its Atlantic Margin portfolio and for general working capital purposes.

Transaction Highlights:

•	A one-time cash consideration of US$2.7 million to be received by Eco on completion.
•	Eco will retain a 25% participating interest in PEL97, PEL99, and PEL100 ("Eco's 25% Retained PI").
•	BP to carry 100% of Eco's 25% Retained PI as well as Eco's proportionate share of the NAMCOR (10%) and the Local Partners (5%) participating interests across PEL97, PEL99 and PEL100 during the current exploration phase.
•	The proposed exploration work program approved by the government, includes; completing seismic reprocessing on PEL97 and acquiring at least 3,000km2 of new 3D Seismic data on PEL99 and PEL100.
•	If BP and partners elect to enter the Second Renewal Period of the license term in 2028 and commit to drilling an exploration well, Eco will have the option to either:
	i.	exercise a Put Option to transfer an additional 10% PI to BP in exchange for a full carry on Eco's remaining 15% PI subject to a cap of US$21 million net to Eco for each well on each of the licenses (PEL97, PEL99, and PEL100); or
	ii.	elect to retain its 25% PI of the costs associated with such drilling of a well during the Second Renewal Period.
•	The maximum aggregate Carry consideration payable by BP in respect of each Put Option (should all Put Options namely on PEL97, PEL99, and PEL100 be exercised) is US$63 million with a cap of US$21 million per Put Option.
•	Eco can elect to retain its 25% paying interest and/or to farm out to other potential partners (subject to such partners meeting technical and financial qualifications)
•	The Transaction constitutes an arm's length transaction for purposes of TSXV policies. No finder's fees are payable in connection with the Transaction. No insiders of the Company have any interest in the Transaction.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:

"Securing final regulatory approval for the farm down of our Namibian portfolio to BP is a significant milestone for Eco and brings us towards completing this landmark transaction.

"We are grateful to Her Excellency the President of the Republic of Namibia and the Namibian authorities, particularly the Ministry of Industries, Mines and Energy and the Upstream Petroleum Unit, for their efficient, professional and collaborative approach, which enabled the approval process to progress within the anticipated timeframe. We also thank BP, NAMCOR and our local partners for their continued cooperation and support throughout the process.

"With final regulatory approval now secured, we will complete the remaining closing formalities as swiftly as possible and look forward to moving full steam ahead with BP, NAMCOR and our local partners into the next phase of exploration across these highly prospective Walvis Basin licences.

"With our significant South Africa and Namibia transactions now successfully progressed, our focus turns to delivering the remaining key milestones across the portfolio, including finalising our PSA negotiations in Guyana and completing the JHI acquisition announced earlier this year."

**ENDS**

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

Eco Atlantic Oil and Gas	c/o Celicourt [phone]
Gil Holzman, President & Chief Executive Officer Alice Carroll, VP Business Development & Corporate Affairs
Strand Hanson (Financial & Nominated Adviser)	[phone]
James Harris, James Bellman, Edward Foulkes
Canaccord Genuity (Joint Broker)	[phone]
Henry Fitzgerald-O'Connor, Rory Blundell, Charlie Hammond
Berenberg (Joint Broker)	[phone]
Matthew Armitt
Celicourt (PR)	[phone]
Mark Antelme

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.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019. This news release contains material information within the meaning of applicable Canadian securities laws. For the purposes of applicable UK legislation, this announcement contains inside information.

About Eco Atlantic:

Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license 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 Licenses: PELs: 97, 99, and 100, representing a combined area of 22,893 km² in the Walvis Basin which on completion of the farm-down to BP will reduce to 25% in each licence. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 37.5% Working Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km².

Figure 1: Map of PEL97, PEL99, PEL100 in Walvis Basin, Offshore Namibia

Forward-Looking Statements

Statements contained in this document that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Eco. Such statements can be generally, but not always, identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.. These forward-looking statements are based on assumptions that management believes are reasonable, including that: the remaining closing conditions will be satisfied and closing deliverables executed on a timely basis; no further governmental or regulatory approvals will be required; BP and the other parties will perform their obligations under the Agreement; the approved work program will proceed as planned; and the licences will remain in good standing. Forward-looking statements are subject to known and unknown risks and uncertainties, including that: the Transaction may not be completed on the anticipated timeline or at all; the Ministerial approval may be subject to conditions or challenge; BP and the joint venture partners may not elect to enter the Second Renewal Period or commit to drilling; costs may exceed the carry caps; the work program may be delayed, modified or not carried out; and the general risks of oil and gas exploration, including geological risk, availability of adequate funding, commodity price volatility, environmental risks, and changes in the regulatory and fiscal regime in Namibia. Actual results may vary materially from the information provided in this document, and there is no representation by the Company that the actual results realized in the future will be the same in whole or in part as those presented herein. Eco undertakes no obligation, except as otherwise required by law, to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors change.

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 [e-mail] or visit www.rns.com.

SOURCE: Eco (Atlantic) Oil and Gas Ltd.

View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/oil-gas-and-energy/eco-atlantic-oil-and-gas-ltd-announces-ministerial-approval-namibia-licences-far-1230434