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Eco (Atlantic) Oil & Gas, an AIM-listed and Canada-headquartered oil and gas company focused on the Atlantic Margin, and its partner, Israel’s Navitas Petroleum, are engaged in discussions with Guyana’s Ministry of Natural Resources (MNR) to enable the continuation of the appraisal and exploration program in an offshore block.
While the Orinduik license reached the end of its second renewal term on January 14, 2026, the provisions under the Petroleum Act allow Eco to maintain rights to the Jethro-1 and Joe-1 discoveries, pending approval of the submitted appraisal program.
To this end, the company claims that MNR and Guyana Geology and Mines Commission are in receipt of the relevant joint submissions it made with Navitas, as the two players continue to pursue the most efficient and value-accretive path forward that will be acceptable to the country’s ministry.
Gil Holzman , President and Chief Executive Officer of Eco Atlantic, commented: “We continue to engage constructively with the government of Guyana and our partners as we work through the next phase of our exploration and appraisal work in the basin.
“Our focus remains on preserving access to existing discoveries, progressing appraisal activity, and evaluating opportunities to enhance the Block configuration in a manner that is aligned with both shareholders’ values and as importantly Guyana’s government national objectives.”
The duo’s appraisal and new exploration work program discussions are part of a customary regulatory process under the existing legislative framework. This dialogue is perceived to reflect Eco’s long-standing commitment to responsible exploration and potential development in collaboration with the government of Guyana, and its new framework agreement with Navitas.
Shortly after the two companies signed a framework agreement related to several assets, the Israeli player inked a non-binding memorandum of agreement with JHI Associates (JHI), in which the AIM-listed firm has a 6.6% interest, for the acquisition of a 65% working interest in the PL001 North Falklands Basin license, adjacent to the Sea Lion development.