Eco Atlantic Oil & Gas has signed a definitive agreement to farm down a 37.5% working interest in Block 1 CBK offshore South Africa to Navitas Petroleum.
The deal marks a major step in Eco’s strategic framework agreement with Navitas, which granted the company an option to acquire an interest in the block.
Eco Atlantic President and CEO Gil Holzman said Navitas’ decision to exercise the Block 1 CBK option strengthens the partnership between the two companies and advances their plans in South Africa’s offshore oil and gas sector. He noted that both companies have worked closely to evaluate the block, the surrounding region, and other opportunities, positioning them to combine their expertise and resources as they move exploration activities forward.
Holzman also said the agreement strengthens Eco’s financial position while reflecting the company’s progress in advancing its portfolio. Following its recent farm-down agreement with BP in Namibia, Eco has expanded its partnership with Navitas across multiple regions, including offshore South Africa and the Falkland Islands, where Eco expects to increase its exposure through the planned acquisition of JHI Associates.
He added that Navitas also holds options to acquire an 80% interest in Eco’s stake in the Orinduik Block offshore Guyana, where discussions with the government continue on the next phases of exploration and appraisal. According to Holzman, these developments demonstrate Eco’s strategy of reducing risk across its portfolio by partnering with established operators while continuing to advance exploration opportunities across the Atlantic margins.
source:oilreviewafrica.com
African Energy Council