Eco (Atlantic) Oil & Gas Ltd. on Monday highlighted Navitas Petroleum LP’s upcoming drilling campaign in the Falkland Islands and South Africa, underscoring progress in two of its key offshore exploration projects.
Navitas plans to drill an exploratory well on License PL001 in the North Falkland Basin as part of its development program. The company estimates the first target on PL001 holds a 2U prospective resource of 640 million barrels of oil. Following Eco’s acquisition of JHI Associates, Inc., Eco’s share of this resource would amount to approximately 225 million barrels, subject to successful drilling outcomes.
In South Africa, Eco holds a 75% operated interest in Block 1 CBK, located offshore in the Orange Basin. Based on seismic data, the consortium estimates unadjusted risk prospective resources of roughly 4.5 trillion cubic feet of gas and more than 3,600 million barrels of oil. Regulatory approvals, including Navitas’s Section 11 application, remain pending.
Eco’s President and CEO Gil Holzman noted that Navitas’s updates reinforce ongoing collaboration across projects in the Falkland Islands, South Africa, Guyana, and other potential ventures. The company also operates in Namibia and Guyana, where it holds a 100% interest in the Orinduik Block offshore Guyana and multiple licenses in the Walvis Basin.
Eco’s acquisition of JHI Associates, pending final approval from the Government of the Falkland Islands, is expected to finalize its stake in the Falkland Islands license. Navitas’s farm-in agreement for Block 1 CBK was announced in May 2026, with operations anticipated to begin in early 2027, subject to regulatory clearance.
