BULLETIN V2026-3442
ECO (ATLANTIC) OIL & GAS LTD. ("EOG")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: November 11, 2026
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation pertaining to a Farmout Agreement (the "Agreement") dated April 10, 2026, among the Company's wholly-owned subsidiaries, Azinam Group Limited, Eco Oil & Gas Namibia (Proprietary) Limited, and Eco Oil & Gas Services (Proprietary) Limited (collectively, the "Farmors"), and BP Namibia Energy Limited ("BP"). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Agreement.
Under the terms of the Agreement, the Farmors have agreed to transfer an aggregate 60% Participating Interest in Block 2012A Petroleum Exploration License numbered 97, Blocks 2111B and 2211A Petroleum Exploration License numbered 99, and Blocks 2211B and 2311A Petroleum Exploration License numbered 100 to BP, alongside the transfer of Operatorship for each respective license area (collectively, the "Assets").
The consideration for the transfer of the Assets consists of the following:
? An aggregate fixed cash consideration of US$2,700,000 payable on Assets' transfer closing date, with US$2,000,000 payable to Eco Oil & Gas Namibia (Proprietary) Limited and US$700,000 to Eco Oil & Gas Services (Proprietary) Limited;
? A full commercial carry under the Work Obligation requiring BP to fund and bear the Farmors' 25% Retained Interest share of all Costs incurred under the First Renewal Exploration Period; and
? The grant of a Put Option for each license area enabling the respective Put Option Holder to sell an additional 10% Participating Interest to BP up to six months following the relevant Drilling Decision Date. Upon valid exercise, BP shall bear 100% of the Put Option Holder's Proportionate Share of total Drilling Costs and associated JV Partner Carry for the drilling of the first exploration Well, subject to a cap of US$21,000,000 per well, representing a maximum aggregate Put Option Consideration of US$63,000,000.
For further details, please refer to the Company's news releases dated April 13, 2026, October 2, 2026, and November 10, 2026.
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