Eco (Atlantic) Oil & Gas Ltd. said on Monday that partner Navitas Petroleum LP plans to drill an exploration well on the PL001 license in the Falkland Islands' North Falkland Basin as part of the Sea Lion Project's development drilling campaign, expected to begin in early 2027.
The drilling target on PL001 is estimated to hold a 2U prospective resource of 640 million barrels of oil, according to Navitas. If the acquisition of JHI Associates, Inc. by Eco Atlantic is completed, the company's share of the prospective resource in a successful drilling scenario would be approximately 225 million barrels. The deal remains subject to final approval from the Falkland Islands Government.
Separately, Eco Atlantic reported that Navitas has announced a farm-in agreement for Block 1 CBK offshore South Africa, located in the Orange Basin. The agreement is pending government approval, with Eco holding a 75% operated interest in the block. Based on seismic data, unrisked prospective gas resources in Block 1 CBK are estimated at 4.5 trillion cubic feet, alongside more than 3,600 million barrels of oil.
Regulatory approvals are pending for the South Africa project, with Navitas' Section 11 application currently under review by authorities. Eco Atlantic's President and Chief Executive Officer, Gil Holzman, noted that the updates from Navitas support ongoing cooperation across multiple projects, including those in the Falkland Islands, South Africa, Guyana, and potentially others.
