Navitas Petroleum has signed an agreement to acquire a majority stake in a licence within the North Falkland Basin in the South Atlantic.
Navitas signed a non-binding memorandum of agreement with JHI Associates to acquire a 65 per cent working interest in the PL001 North Falkland Basin licence.
PL001, which is adjacent to the Navitas operated Sea Lion Development, covers 1,126 square kilometres in circa 500-metre water depth and contains significant exploration potential. JHI estimates 3.1 billion barrels across multiple prospects and leads, including multiple Lower Cretaceous prospects analogous to the neighbouring Sea Lion field.
Gil Holzman, CEO of Eco Atlantic, said: “We are encouraged to see a further strengthening of our relationship with Navitas, this time through our holding in JHI.
“As part of our Strategic Partnership with Navitas, technical and commercial discussions in relation to our projects in both Guyana and South Africa are continuing and we look forward to keeping the market updated.”
Eco Atlantic holds a 6.6 per cent interest in JHI. The company holds offshore licence interests in Guyana, Namibia and South Africa. It operates the 1,354 square kilometre-long Orinduik Block in the proven Guyana-Suriname Basin.