Industry

The agreement is a key milestone in Eco's strategic framework agreement.

Eco Atlantic Oil & Gas Ltd has signed a definitive agreement to farm down a 37.5% working interest in Block 1 CBK offshore South Africa to Navitas Petroleum LP

The agreement is a key milestone in Eco's strategic framework agreement with Navitas which provided Navitas with an option to farm-in to Block 1 CBK. 

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, said, "We are incredibly excited about the successful exercise of the Block 1 CBK Option by Navitas, marking a significant advancement of our strategic relations. This quick exercise of the option not only strengthens the bond between Eco and Navitas but also propels us toward a promising future in South Africa's offshore oil and gas landscape and puts us in an active and enhanced exploration mode. Eco and Navitas' technical and operational teams have been working closely to analyse this block and the wider region along with other assets and areas of interest. Together, we are primed to leverage our combined expertise and resources to maximise our potential in the region and beyond.

"Importantly, this agreement not only adds cash to our strong balance sheet, but more importantly signifies the continued progress Eco has made in advancing its projects. Building on our recent farm down to BP in Namibia, we have now further deepened our strategic partnership with Navitas, working not only in South Africa but also in highly prospective acreage offshore the Falkland Islands in PL001, which Eco will gain further exposure to upon the upcoming completion of our acquisition of JHI Associates Inc. Additionally, Navitas also holds options to acquire 80% of Eco's interests in the Guyana Orinduik Block where we are progressing advanced discussions with the Government over the terms of the next exploration and appraisal stages, offering scope for our partnership to extend further. Overall, these milestones highlight how Eco has successfully executed its strategy of de-risking its portfolio of world-class assets through partnering with carrying, tier-one operators across the Atlantic Margins."

The award of KON4 further strengthens Afentra's position in the onshore Kwanza basin.

Afentra plc has received formal approval on the Risk Service Contract onshore Block KON4, which has been awarded by Presidential Decree

Afentra enjoys a 35% operated interest in KON4 alongside local Angolan partners Grupo Simples Oil, Sonangol E&P, Brite's Oil and Gas and Sodedurs. The formal signing of the contract is expected at a later date.

The award of KON4 further strengthens Afentra's position in the onshore Kwanza basin and expands the Company's operated portfolio in Angola. The block contains multiple legacy oil fields, including the large Quenguela Norte field, and offers field re-development opportunities alongside overlooked near-field exploration potential. KON4 complements Afentra's existing onshore Kwanza licences and supports the Company's strategy of building a material position in the basin.

Paul McDade, Chief Executive Officer of Afentra plc, said, "The formal award of KON4 is a significant milestone for Afentra, adding an operated position to our growing onshore Kwanza basin portfolio and reinforcing our commitment to building a material presence in this under-explored but highly prospective basin. KON4 brings a compelling mix of near-term redevelopment potential - anchored by the Quenguela Norte field - and meaningful exploration upside, supported by favourable fiscal terms and proximity to the Luanda refinery. Together with our non-operated interests in KON15 and KON19, we now hold a well-rounded and complementary position across the basin. We look forward to progressing the work programme with our partners and will provide further updates as our technical evaluation advances."

The occasion was marked by a formal signing ceremony in Harare.

Invictus Energy Ltd's 80%-owned Geo Associates (Pvt) Ltd has executed the Petroleum Production Sharing Agreement with the Republic of Zimbabwe

Geo Associates remains the operator and holder of Special Grant 4571 in Zimbabwe that contains the Mukuyu gas-condensate discovery.

The occasion was marked by a formal signing ceremony in Harare, attended by senior representatives of Geo Associates and the Governement of the Republic of Zimbabwe. The PPSA was executed by the Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube; Minister of Mines and Mining Development, Engineer Polite Kambamura, and Minister of Energy and Power Development, July Moyo on behalf of the Republic of Zimbabwe.

Invictus CEO and managing director, Scott Macmillan, said, "Execution of the Petroleum Production Sharing Agreement represents a landmark milestone for both the Cabora Bassa Project and the broader development of Zimbabwe’s oil and gas industry.

“The PPSA establishes a robust, transparent and globally competitive framework that provides longterm certainty for all stakeholders, while creating a strong foundation to accelerate development
activities across the basin.

“Importantly, the agreement aligns the interests of Geo Associates, Invictus Energy, One Gas Resources, the Republic of Zimbabwe and the Mutapa Investment Fund in a genuine partnership structure designed to unlock the full value of the Cabora Bassa Project for our shareholders and the people of Zimbabwe.

“With this critical framework now in place, the Company is firmly focused on advancing the next phase of exploration, appraisal and development activities, including the upcoming high impact Musuma-1 exploration well.”

Kambamura said, “The execution of the PPSA marks a defining milestone in the advancement of Zimbabwe’s petroleum sector and reflects the significant progress made in establishing the foundations for a sustainable upstream oil and gas industry.

“The Cabora Bassa Project has already demonstrated the vast potential of the basin through the Mukuyu gas discovery, and the Government remains committed to supporting the continued exploration and appraisal of this strategic national resource.

“Through this agreement, Zimbabwe has established a framework that balances investor confidence with national participation and long-term value creation for the country.”

The deal remains subject to Overseas Direct Investment approval.

Europa Oil & Gas (Holdings) plc's associated company, Antler Global Limited, has secured official clearance to advance its farm-out agreement with Fuhai after receiving approval from the Ministry for Mining and Hydrocarbons Department of Equatorial Guinea

The deal remains subject to Overseas Direct Investment approval from the Shandong Provincial government.

Europa has a 42.9% equity interest in Antler which, on completion of the FOA, will hold a 40% working interest in the EG-08 PSC, and remain as operator, with 40% held by Fuhai and the remaining 20% held by GEPetrol (Guinea Equatorial de Petróleos), the national oil company of Equatorial Guinea, representing the State’s interest.

The company is planning to drill the Barracuda-1 well at the earliest opportunity, which is expected to be during early 2027.

William Holland, Chief Executive Officer of Europa, said, “I am pleased to have received approval from the Ministry and I would like to thank the team at MMHD for their ongoing support as we progress this project to drilling. Alongside our partners at Fuhai, we have been working hard to assemble the drilling team needed to spud the Barracuda-1 well at the earliest opportunity. Once we have received ODI approval, we will then be able to secure a rig. I look forward to updating the market of our progress in due course.”