Eco Atlantic signs definitive agreement offshore South Africa

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."