Eco Atlantic Oil & Gas has signed a definitive agreement with Navitas Petroleum LP to farm down a 37.5% working interest in Block 1 CBK offshore South Africa, strengthening their strategic partnership and advancing exploration activities in the region.
The agreement follows the successful exercise of Navitas’ option to farm into the licence under the companies’ previously announced strategic framework agreement. The transaction marks an important step in progressing exploration within one of South Africa’s promising offshore basins.
Eco Atlantic President and Chief Executive Officer Gil Holzman said the agreement strengthens the long-term relationship between the two companies while positioning the project for its next phase of exploration. He added that technical teams from both organisations have been working together to evaluate the block and identify opportunities to maximise its exploration potential.
The transaction is also expected to strengthen Eco Atlantic’s financial position while reducing exploration risk through partnership with an experienced operator. According to the company, the agreement forms part of its broader strategy of advancing high-potential offshore assets through strategic farm-out partnerships.
Beyond South Africa, Eco Atlantic and Navitas continue to expand their collaboration across several international exploration projects. The companies are partners in offshore acreage in the Falkland Islands, where Eco is increasing its exposure through the planned acquisition of JHI Associates Inc. Navitas also retains options to acquire an 80% interest in Eco’s position within the Orinduik Block offshore Guyana, where discussions continue regarding future exploration and appraisal activities.
The latest agreement follows Eco Atlantic’s recent farm-down transaction with bp in Namibia and reflects the company’s ongoing strategy of partnering with major industry participants to accelerate exploration while managing project risk.
The Block 1 CBK transaction reinforces growing industry interest in South Africa’s offshore petroleum sector and supports continued investment in exploration across the Atlantic Margin.
