The TSX Venture Exchange has accepted for filing documentation pertaining to a farmout agreement dated April 10, 2026, among the company's wholly owned subsidiaries, Azinam Group Ltd., Eco Oil & Gas Namibia Pty. Ltd., and Eco Oil & Gas Services Pty. Ltd., and BP Namibia Energy Ltd.

Under the terms of the agreement, the farmors have agreed to transfer an aggregate 60-per-cent participating interest in block 2012A petroleum exploration licence numbered 97, blocks 2111B and 2211A petroleum exploration licence numbered 99, and blocks 2211B and 2311A petroleum exploration licence numbered 100 to BP, alongside the transfer of operatorship for each respective licence area.

The consideration for the transfer of the assets consists of the following:

• An aggregate fixed cash consideration of $2.7-million (U.S.) payable on assets' transfer closing date, with $2-million (U.S.) payable to Eco Oil & Gas Namibia, and $700,000 (U.S.) to Eco Oil & Gas Services;
• A full commercial carry under the work obligation requiring BP to finance and bear the farmors' 25-pepr-cent retained interest share of all costs incurred under the first renewal exploration period;
• The grant of a put option for each licence area enabling the respective put optionholder to sell an additional 10-per-cebt participating interest to BP up to six months following the relevant drilling decision date. Upon valid exercise, BP shall bear 100 per cent of the put optionholder'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 $21-million (U.S.) per well, representing a maximum aggregate put option consideration of $63-million (U.S.).

For further details, please refer to the company's news releases dated April 13, 2026, Oct. 2, 2026, and Nov. 10, 2026.