All articles in the Farm in, Farm Out Section:

By Sully Manope, in Windhoek

The Namibian government has begun to clear the backlogs of farm –in/farm- out deals awaiting approval.

Just four days after -June 25, 2026-the London listed Tower Resources announced that it had received a formal letter of approval from the Namibian Ministry of Industries, Mines and Energy for its farm-out of the Petroleum Exploration Licence (PEL) 96 license to Prime Global Energies Limited, Canada based Eco (Atlantic) released a statement indicating Ministerial approval of the  farm-out of its 85% participating interest in PEL 98 to Lamda Energy (Pty) Ltd . Eco (Atlantic)’s announcement was dated June 29, 2026.

Canada headquartered Stamper Oil &Gas had earlier announced, on June 22, 2026, that the  farm-out process between TotalEnergies and Galp Energia on PEL 83 in the Orange Basin  “has been completed”, meaning that the government has given formal approval to the transaction, which was set in motion by an agreement between the two parties in early December 2025.

It is instructive that Eco (Atlantic)’s transaction had taken around 10 months from agreement between the two parties (announced September 16, 2026) to approval by the state (announced June 29, 2026).

On the contrary, Tower Resources and Prime Global Energies initially announced their farm-out deal for the PEL 96 license as far back as January 10, 2025. The approval came in 17 months after.

TotalEnergies and Galp Energia disclosed their own transaction to the public in December 2025.

PEL 96 covers 23,297 square kilometres “of the highly prospective northern Walvis Basin and Dolphin Graben”, Tower Resources said.

PEL 98 (Block 2213, or the ‘Sharon Block’) in the Walvis Basin, is approximately 5,700 square kilometres in size, situated in shallow waters, ranging from 100 to 500 metres.

THERE HAD BEEN ANXIETIES ABOUT delays of approval of these transactions by the administration of President Netumbo Nandi-Ndaitwah, who was inaugurated in March 2025.

When TotalEnergies and Galp Energia announced their farm-in/farm-out agreement involving two large discoveries (Galp operated Mopane field and Total operated Venus accumulation), the government immediately responded that the two companies had not consulted it before agreeing to a farm out. It was an unusual statement and it came off as a little aggressive. As a rule, oil companies often agree with themselves on farm outs, and then request for approvals after. It is up to governments to reject or approve.

The anxieties about Mrs. Nandi-Ndaitwah’s methods found expression in a recent update by Tower Resources (2025 Annual Report, June 1, 2026).  “Every government has its own processes, but at the risk of stating the obvious, it is common for many individuals in different departments to review a file, to ensure a matter has been properly considered, that the decision-making process complies with different laws and regulations, and that the correct documents have been obtained and the resulting approvals are in the correct form. Delays can therefore occur as a result of any individuals raising questions, waiting for answers from another department, or simply being unavailable. In both Cameroon and Namibia the processes have been complicated by the Presidential elections in 2025. The new President of Namibia, HE Dr Nandi-Ndaitwah, has instigated an overhaul of the Ministry of Mines, Industries and Energy. We believe this reorganisation and expansion of staff will allow MIME and the Upstream Petroleum Unit in the office of the Presidency, which oversees MIME, to handle more effectively the greatly increased workload associated with the growth of the sector in the last couple of years, and the path to production. But it has also come at a cost in the short term, as the new organisation is formed and finds its feet.”

Eco Atlantic has one more approval to go. It says that the government’s approval process for BP’s farm in into its PELs 97, 99, and 100, initialled by the two companies in  April, 2026,  “is progressing and, subject to the satisfaction of the remaining conditions, is expected to close by September 2026.

Eco Atlantic’s deal with BP involves cash consideration of $2.7Million payable by BP to Eco on completion of the transaction. BP will carry 100% of Eco’s 25% retained interest, as well as Eco’s proportionate share of the (state hydrocarbon company) NAMCOR (10%) and Local Partners (5%) interest in PEL97, PEL99 and PEL100 for the current exploration phase, with a maximum aggregate carry consideration payable by BP in respect of Eco’s interests of $63Million (based on a maximum of $21Million per asset for each license).

Equinor has signed an agreement with TOTALEnergies under which the Norwegian company acquires a 30% stake in Block 16/21, offshore Angola, where the French multinational holds 100% participation and the status of Operator.

The transaction will be completed after approval from the competent authorities.

The asset is non-producing, but it is located south of ExxonMobil operated Block 15 and north of TOTAL operated Block 17, the largest producing block in the country.

The signatories were Martin Deffontaines, CEO of TOTALEnergies in Angola and Ane Aubert, Equinor’s country manager in Angola.

The ceremony was witnessed by Hélder Iombo, Director of Negotiations; Raúl Madaleno, the Block Manager and Neusa Cardoso, Director of Communications, all of  the Angolan National Oil, Gas and Biofuels Agency (ANPG).

The signed Agreement reflects the shared ambition to explore and develop new oil and gas resources, in line with the production targets established for the sector in Angola.

Angolan junior, Etu Energias, has signaled it wants to exercise its pre-emption rights in relation to  Energean Plc’s  proposed acquisition of Chevron’s 31% operated interest in Block 14 and a 15.5% non-operated interest in Block 14K,  in deep-water offshore Angola.

The proposed Sale and Purchase was announced by Energean Plc, a UK headquartered company, on March 12, 2026.

Energean’s latest release says that it has been informed that Chevron has received notice from one of the joint venture partners, Etu Energias, purporting to exercise its pre-emption rights in relation to the Transaction.

“The sale and purchase agreement entered into between Energean and Chevron remains in effect until: (i) the relevant pre-emption right is determined to have been validly exercised and executed; and (ii) a new sale and purchase agreement between Chevron and Etu Energias has been executed and completed,” Energean says in the release.

Etu Energias, the largest homegrown Angolan E&P company, appears keen to take significant control of Blocks 14 & 14K.  Only last March, it signed  a sale and purchase agreement  to acquire Azule Energy’s  20% working interest in Block 14 and a 10% working interest in Block 14K, after moving to  invalidate an earlier agreement between BW Energy, Maurel & Prom and Azule Energy. It is now finalizing the process of payment of  $310Million, including $195Million in base cash consideration, along with contingent payments of up to $115Million based on future performance to Azule Energy in respect of that transaction.

But there is a catch in the Energean-Chevron deal

Energean notes that any assignment to Etu Energias with regards to its transaction with Chevron, “must be made on the same or equivalent terms as the sale and purchase agreement between Energean and Chevron.

“This includes the condition precedent requiring the buyer to deliver evidence to the seller that it is a proven deepwater oil and gas operator of at least one existing deepwater producing asset in water depths greater than 300 metres, both within 15 days after signing and as at the unconditional date”.

São Tomé e Príncipe’s upstream Petroleum Regulator Agência Nacional do Petróleo de São Tomé e Príncipe (“ANP-STP”), has invited eligible oil companies to submit their technical and financial proposal to acquire up to 85% of Participating lnterest in Blocks 7, 8 and 9 of the country’s Economic Exclusive Zone.

The invitation is accordance with the provisions of the Framework Law on Petroleum Operations – Law no. 16/2009 and “in the context of an increasing and reiterated interest in the attractiveness and prospectivity of oil and gas blocks in the Western part of the Economic Exclusive Zone of Sao Tome and Principe”, the regulator says.

Deadline for submission is June 30, 2026.

• Proposals should be submitted by letter addressed to the Executive Director of ANP-STP mentioning the concerned block and with the following information:

1. a) Company name;
2. b) Full address;
3. c) Director /Person in charge

• Additionally, it is requested to annex the following documents:

1. a) A brief company overview, including financial information and list of major shareholders;
2. b) Certificate of commercial registration and Articles of Association;
3. c) Credit Rating in accordance with Standard and Poors or Moodys standard, if applicable;
4. d) Balance sheet and income statement for the last three fiscal years;
5. e) Brief overview of experience in deep water oil and gas exploration;
6. f) In case of a consortium, a statement of intent to set up the consortium, with the

definition of the participants and the Operator, signed by all parties.

• Interested companies may obtain further information at the address provided

below, from 8:00 to 12:00 and from 14:00 to 17:00 or through email:

leilao.blocos@anp-stp.gov.st

• As per Regulation ANP-STP n01/2014, the submission of each proposal is subject to

. a payment fee of USD 25,000.00 (twenty five thousand US Dollars).

• Proposals should be submitted before 17:00 (Sao Tome e Principe time), 30 June

2026 by email: leilao.blocos@anp-stp.gov.st or by mail in a sealed envelope under

subject “Proposal for Block nO_ Announcement no. 01/2026” to the following address:

Agência Nacional do Petróleo de São Tomé e Príncipe

Avenida das Nações Unidas, n.? 225 A

P.O.Box no. 1048 – São Tomé

Democratic Republic of Sao Tome e Principe

Tel.: +23922433350

E-mail: leilao.blocos@anp-stp.gov.st

Web: www.anp-stp.gov.st

Egyptian authorities have convinced the French major TOTALEnerges to be part of the exploration studies for new gas in the country, without committing to the terms  of a regular licence.

In the event, the state hydrocarbon firm Egyptian Natural Gas Holding Company (EGAS) has  signed a Memorandum of Understanding (MoU) with the company on exploration activities, “covering a large area located in the north-western offshore.

“The MoU establishes a framework for technical cooperation including preliminary exploration and subsurface evaluation activities”, TOTAL says in a release.

TOTAL is already involved in a number of concessions in the country, including being the operator of the North Ras Kanayis Offshore block, a 4,550 square kilometre acreage, located in the Herodotus Basin in the Mediterranean Sea. North Ras Kanayis extends from 5 to 150 kilometres from the shore, with water depths ranging from 50 to 3,200 metres.

But the MoU  signed on May 13, 2026 is about a broad, desktop study, he result of which will determine whether or not to take up a permit in the area.

“We are pleased to launch this cooperation with EGAS, which reflects our shared ambition to further strengthen our partnership with the Arab Republic of Egypt. This agreement will support the assessment of Egypt’s deep offshore exploration potential” said Nicola Mavilla, Senior Vice President Exploration at TOTALEnergies.