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Update: BP to Acquire Majority Stake in Three Namibian Offshore Exploration Blocks

-- (Updates to add more information)

British oil and gas giant BP (BP.L) agreed to acquire a 60% interest in the PEL97, PEL99, and PEL100 offshore exploration blocks offshore Namibia from Eco Atlantic Oil & Gas (ECO.L).

The deal remains subject to Namibian government approvals, with BP to become the operator and Eco Atlantic to continue as a partner on the three blocks, alongside Namibia's national oil company Namcor, according to a Monday release from BP.

In a separate same-day statement, Canada-based Eco said it will receive a one-time cash consideration of $2.7 million upon closing. It will keep a 25% interest in the licenses.

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