WTI (Aug) $69.23 -$2.69, Brent (Aug) $71.99 -$3.27, Diff -$2.76 -58c.
USNG (Aug)* $3.28 -3c, UKNG (July) 99.29p +2.76p, TTF (Aug)* €41.565 +€1.26.
*Denotes July contract expiry.
Oil price
Oil is up today, influences vary but the renewed escalation of activity in the Strait of Hormuz over the weekend haven’t helped although today there is apparently a truce ahead of more talks in Doha tomorrow.
The rig count rallied, by 10 overall and by 7 in oil units.
Eco (Atlantic) Oil & Gas
Eco has announced that it has received formal Ministerial approval from the Ministry of Industries, Mines and Energy of Namibia 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.
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.”
More good news from Eco Atlantic today as this ‘significant milestone’ has been passed and the move towards the farm-out completion becomes clearer. Eco comment that broader momentum is noticeable across Namibia’s upstream sector and I can confirm this as I have seen a number of Ministerial approvals as they have and that its offshore acreage is clearly front and centre in world energy focus.
For Eco this shows yet again that the strategic path is clear and that the pieces are staring to all align together, this is very good news for shareholders. This catalyst builds momentum as will other catalysts that are, together building the overall ‘amazing picture’ for the company and its exciting portfolio.
Eco is a long term leader in the Bucket List and clearly with such exciting newsflow will stay there in the upcoming update. At 50p the shares are up 9% today, +120% over six months and over 400% year on year, but with my target price of 150p still very achievable I remain confident that it will continue to perform well.
Prospex Energy
Prospex has provided an update from the Selva Malvezzi production concession in Italy following the announcement by Po Valley Energy Limited of an update on activities.
Po Valley Operations Pty Limited, a wholly owned subsidiary of PVE, is the operator of the Selva Malvezzi production concession and owns a 63% working interest. Prospex holds the remaining 37% working interest.
On Friday, June 26th, PVO filed an Environmental Impact Assessment (“EIA”) with Italy’s Ministry of Environment and Energy Security (“MASE”). The EIA covers the project to drill, develop and commission four new wells within the Selva Malvezzi Production Concession in the Po Valley Basin in Northern Italy. The four proposed wells are relatively close to the existing Podere Maiar 1 well, which has been in continuous production for three years since July 2023 at approximately 80,000 Scm/day.
Processing of the 3D seismic data, covering approximately 140 square km, is expected to be completed in July, with interpretation work commencing immediately thereafter. The objective of this work is to deliver a high-resolution, three-dimensional subsurface model which will inform the drilling program once Ministry approval is received.
The filing of the EIA is a significant milestone in support of the four-well program, which targets the significant gas potential of the Selva Malvezzi concession. A successful development, connected to the existing SNAM National pipeline located close to the concession, will contribute to the energy security of the Emilia Romagna region of Italy.
Tom Reynolds, Prospex’s CEO, commented:
“The filing of the EIA follows months of work by our partner and operator, PVO. The PVO team worked diligently to produce a comprehensive, high-quality submission and I would like to extend my thanks to them. This will allow the Ministry to assess the suitability of these projects promptly. Approval of the EIA will allow Po Valley Energy to begin the ambitious drilling program in 2027, benefiting the Emilia Romagna region of Italy and all our stakeholders.
“Delivery of this milestone takes us another step closer to delivering the full potential from the Selva Malvezzi concession.”
Another positive step for Prospex today, this is an important milestone for the Selva joint venture which keeps the 2027 drilling programme firmly in sight and one step closer to ‘full potential’. Now with the Ministry, who will assess ‘promptly’ the suitability of these projects, this is another key step in the right direction for Prospex.
The good news from the company keeps on coming, after the updated presentation recently at the AGM the news from both Poland and Italy is very positive and of course as I noted twice recently, CEO Tom Reynolds has been adding to his shareholding. Shareholders should be pleased to see all this news which make good reading and that the portfolio is looking in fine shape.
And finally…
The summer sports festival continues and the Austrian Grand Prix yesterday was won by George Russell with Max second and Antonelli third. Silverstone on Sunday should be fun…
Wimbledon starts today, Sinner defending but no Carlos Alcaraz due to injury nor Emma Raducanu…
The third test match is heading for a sound victory for New Zealand who have played better pretty much across the series, yesterday in particular when they knuckled down and provide the grit that England don’t seem to have. It was like Fred Karno’s circus out there yesterday, the captain resigned half way through a session, let alone the match and then all the batsmen played like it was the Hundred, not test match cricket.
The World Cup has got to the serious bit, England have progressed after just beating the mighty Panama and will play the Democratic Republic of Congo on Wednesday. Scotland were reliant on other results which didn’t happen and they return without a manager who resigned when he heard the news.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. The writer may or may not hold investments in the companies under discussion.
