Eco (Atlantic) Oil & Gas Ltd (AIM: ECO / TSXV: EOG), an exploration company operating across the Atlantic Margins, has entered into a binding Framework Agreement with Navitas Petroleum LP, a global exploration and production partnership with assets in North America and the Falkland Islands. The collaboration includes exclusive options related to the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa.
Under the agreement, Navitas will pay Eco Atlantic US$2 million for exclusive rights to farm into the Orinduik Block and Block 1 CBK. Navitas may exercise this option within 12 months by paying Eco US$2.5 million, allowing it to acquire an 80% working interest and operatorship. Navitas will fund Eco’s share of the planned work, which may include drilling or appraising the Jethro-1 and Joe-1 heavy oil discoveries. The carry is capped at US$11 million, excluding mobilisation expenses. Navitas may exercise this within six months by paying US$4 million, giving it up to a 47.5% working interest and operatorship. Navitas will also carry Eco’s exploration costs up to US$7.5 million.
Navitas also retains an option to potentially acquire at least 25% of Eco’s other petroleum interests—excluding Guyana and Block 1 CBK—and, where possible, assume operatorship. These assets include PEL97, PEL99, PEL100 in Namibia and Eco’s stake in Azinam Limited. Option proceeds will support licence activities and evaluation of new prospects.
As part of the alliance, Navitas may also join Eco on future ventures on a 50:50 basis, ensuring aligned participation in new opportunities. On 3 December 2025, Eco’s subsidiary Azinam South Africa Limited signed an option with OrangeBasin Energies to acquire an additional 20% interest in Block 1 CBK.
If executed, OrangeBasin Energies will receive US$500,000 on exercise, US$500,000 on completion, and US$3.8 million in cash or Eco shares. Navitas may elect to take a 50% share of this option. Shares issued, if any, will be subject to a six-month lock-in. OrangeBasin Energies’ remaining 5% stake will be carried through the exploration phase, including up to two contingent wells.
Navitas’ option to participate in Eco’s remaining assets extends for at least five years and may continue up to ten years if either the Orinduik or Block 1 CBK Options are exercised. Through the Future Asset Option, Navitas can acquire no less than 50% of Eco’s interest in any new venture the company pursues.
Eco Atlantic President and CEO Gil Holzman described the alliance as a turning point for the company, emphasizing Navitas’ strong financial backing, technical depth, and track record of advancing high-value oil and gas projects. He noted that joint efforts in Guyana this month will define the near-term exploration and appraisal roadmap for Orinduik, potentially accelerating the discoveries toward commercial development. Mr Holzman expressed appreciation to long-time shareholders for their continued trust and acknowledged the Navitas team—led by Gideon Tadmor—for their commitment and collaborative approach in shaping the partnership.
Eco Atlantic is a TSX-V and AIM-listed exploration company focused on the Atlantic Margin, with offshore oil and gas interests in Guyana, Namibia, and South Africa. The Company aims to create significant value for stakeholders by supporting the energy transition through the exploration of low-carbon-intensity hydrocarbons in stable, infrastructure-ready emerging markets.
In offshore Guyana, within the proven Guyana-Suriname Basin, Eco Atlantic holds a 100% Working Interest and operatorship of the 1,354 km² Orinduik Block. In Namibia, the Company operates and holds an 85% Working Interest in three offshore Petroleum Licences—PEL 97, PEL 99, and PEL 100—covering a combined area of 22,893 km² in the Walvis Basin. In offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, located in the Orange Basin, with a total area of approximately 37,510 km².
