Eco (Atlantic) Oil & Gas Ltd. has announced a major strategic development that reinforces its exploration ambitions in South Africa and Namibia, following the signing of a long-term partnership agreement with Navitas Petroleum. While the wider partnership covers several geographies, the implications for Eco\u2019s southern African assets\u2014Block 1 CBK offshore South Africa and its Namibian PEL portfolio\u2014stand out as particularly significant.<\/p>\n\n\n\n
One of the centrepieces of the agreement is the Block 1 CBK Option, granting Navitas an exclusive six-month window to farm into the highly prospective Orange Basin acreage. Should Navitas exercise the option, it will:<\/p>\n\n\n\n
Block 1 CBK spans a large tract of the Orange Basin\u2014one of the world\u2019s most active frontier hydrocarbon regions, boasting recent multi-billion-barrel discoveries. Eco currently holds a 75% operated interest<\/strong>, positioning the company as a key participant in South Africa\u2019s emerging offshore sector.<\/p>\n\n\n\n Eco has also secured an option agreement with its South African partner, OrangeBasin Energies, to acquire a further 20% interest in Block 1 CBK. This optional transaction\u2014supported by Navitas on a 50:50 basis\u2014would:<\/p>\n\n\n\n This structure places Eco and Navitas in a strong position to advance exploration in one of Africa\u2019s most attractive offshore plays.<\/p>\n\n\n\n Beyond South Africa, the strategic partnership introduces an Additional Assets Option, allowing Navitas to farm into Eco\u2019s Namibian PEL licences PEL 97, PEL 99, and PEL 100 on mutually negotiated commercial terms.<\/p>\n\n\n\n Eco operates these three Walvis Basin blocks with an 85% working interest<\/strong>, representing nearly 23,000 km\u00b2<\/strong> of prospective acreage. Navitas may acquire at least 25% working interests<\/strong>, and potentially operatorship, as part of a long-term collaboration extending five to ten years<\/strong>.<\/p>\n\n\n\n The Walvis Basin continues to draw growing investor attention, following the Orange Basin’s high-profile successes just to the south. The potential entry of Navitas\u2014backed by strong technical, operational, and financial capacity\u2014could accelerate Eco\u2019s Namibian work programmes and drive fresh exploration momentum.<\/p>\n\n\n\nAdditional 20% Interest Acquisition Option<\/strong><\/h3>\n\n\n\n
\n
Strategic Pathway for Namibia\u2019s Offshore Portfolio<\/strong><\/h2>\n\n\n\n
<\/h2>\n\n\n\n