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Israel’s Navitas Petroleum has taken steps to bolster its oil and gas portfolio off the coast of the Falkland Islands with a non-binding deal to get a majority stake in a license within the North Falkland Basin.
Navitas’ non-binding memorandum of agreement with JHI Associates (JHI), in which Eco (Atlantic) Oil & Gas – with whom the Israeli firm signed a framework agreement related to several assets – currently has a 6.6% interest, will enable the acquisition of a 65% working interest in the PL001 North Falklands Basin license adjacent to the Sea Lion development.
Covering 1,126 square kilometers in circa 500-meter water depth, PL001 is said to contain significant exploration potential, with JHI’s best estimate of 3.1 billion barrels across multiple prospects and leads, including multiple Lower Cretaceous prospects analogous to the neighboring Sea Lion field .
Following the final investment decision for the oil project, Navitas’ partner, Rockhopper Exploration , corroborated the completion of the financial close. The first oil from Sea Lion Phase 1 is planned for 2028.
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Gil Holzman , President and Chief Executive Officer of Eco Atlantic, commented: “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 offshore license interests in Guyana, Namibia, and South Africa. The firm operates the 1,354 square kilometer-long Orinduik Block in the proven Guyana-Suriname Basin, with a 100% stake.
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The company has operatorship and an 85% interest in Namibia’s three offshore petroleum licenses (PELs): 97, 99, and 100, representing a combined area of 22,893 square kilometers in the Walvis Basin.
In addition, Eco holds a 5.25% stake in Block 3B/4B and a 75% operated interest in Block 1 CBK in the Orange Basin, totaling approximately 37,510 square kilometers offshore South Africa.