Eco Atlantic Sells 37.5% Interest in South Africa’s Block 1 CBK to Navitas Petroleum
Eco Atlantic Oil & Gas has signed a definitive farm-down agreement with Navitas Petroleum, transferring a 37.5% working interest in Block 1 CBK offshore South Africa as the companies deepen their strategic partnership in offshore exploration.
The transaction represents a key milestone under the strategic framework agreement between the two companies, which granted Navitas an option to acquire an interest in the licence.
Eco Atlantic President and Chief Executive Officer Gil Holzman said Navitas’ decision to exercise its option demonstrates confidence in the prospectivity of Block 1 CBK and reinforces the companies’ long-term collaboration in South Africa’s offshore oil and gas sector.
“Over the past several months, we have worked closely with the Navitas team to evaluate Block 1 CBK, the surrounding basin and additional regional opportunities.
This agreement brings together the technical expertise and financial strength of both companies as we advance exploration on the block,” Holzman said.
He added that the transaction strengthens Eco Atlantic’s financial position while validating the company’s strategy of attracting experienced partners to accelerate exploration across its asset portfolio.
The agreement follows Eco Atlantic’s recent farm-down transaction with BP in Namibia and further expands its partnership with Navitas across multiple exploration regions.
The companies are also working together in the Falkland Islands, where Eco expects to increase its exposure through the proposed acquisition of JHI Associates.
Holzman noted that Navitas also retains options to acquire an 80% interest in Eco Atlantic’s stake in the Orinduik Block offshore Guyana, where discussions with the government are continuing on the next phase of exploration and appraisal activities.
According to Holzman, the latest agreement reflects Eco Atlantic’s strategy of reducing exploration risk by partnering with established industry players while maintaining exposure to high-impact exploration opportunities across the Atlantic margins.
The farm-down positions both companies to accelerate exploration activities in South Africa’s offshore sector, which continues to attract growing industry interest following a series of significant hydrocarbon discoveries along the southern African coastline.
