Eco (Atlantic) Oil & Gas Ltd. said on Monday it expects to secure a 225 million barrel share of prospective oil resources in the Falkland Islands if an upcoming drilling campaign succeeds. The London- and Toronto-listed explorer is awaiting final approval for its acquisition of JHI Associates, Inc., which would grant it a stake in the North Falkland Basin project operated by Navitas Petroleum LP.
Navitas plans to drill an exploration well on the PL001 license in the North Falkland Basin as part of its Sea Lion development program, with operations expected to begin in early 2027. The company estimates the first drilling target holds a 2U prospective resource of 640 million barrels of oil. Pending the completion of Eco’s acquisition of JHI, Eco’s share of the resource would rise to approximately 225 million barrels in the event of a successful well.
Final regulatory approval from the Falkland Islands Government is required to finalize the JHI acquisition, Eco said, citing details from Navitas’ quarterly report released on Sunday.
In South Africa, Navitas has also advanced a farm-in agreement for Block 1 CBK offshore South Africa, which Eco holds a 75% operated interest in. The agreement, announced in May 2026, remains subject to government approvals, including Navitas’ pending Section 11 application. Based on existing seismic data, the partners estimate unrisked prospective gas resources of 4.5 trillion cubic feet and more than 3,600 million barrels of oil.
Eco Atlantic’s President and CEO Gil Holzman said the updates from Navitas reinforce ongoing collaboration across projects in the Falkland Islands, South Africa, Guyana, and other potential ventures.
