Navitas update on PL001 & Block 1 CBK
Eco (Atlantic) Oil and Gas Ltd.
25 August 2026
25 August 2026
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")
Navitas update on PL001 North Falklands Licence and Block 1 CBK offshore South Africa
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX‐V: EOG) (Toronto, Canada), the oil and gas exploration company focused on the offshore Atlantic Margins, notes the recent announcements from its strategic partner Navitas Petroleum LP ("Navitas") regarding assets in the Falkland Islands and South Africa.
Falkland Islands
As per Navitas' Quarterly Report, announced on 24 August 2026, Navitas (subject to completion of its acquisition of PL001) intends to drill a multi-target exploration well on PL001 during its development drilling campaign in the North Falkland Basin, with part of the Sea Lion Project (NDA1) drilling campaign expected to commence at the beginning of 2027.
Navitas estimates that the first chosen drilling target on PL001 holds a 2U prospective resource of 640 million barrels of oil ("MMbbl"). Based on this estimate and pending completion of Eco's acquisition of JHI Associates, Inc. ("JHI"), Eco's share of the 2U prospective resource of PL001 will be approximately 225 MMbbl in the drilling success case. Navitas notes that in a success case this target could be tied back to the Sea Lion platform.
Navitas noted in its presentation there are several additional prospects that are not yet included in the resource reports. Eco will continue to update shareholders in due course, including updates on the completion of its acquisition of JHI, and any further updates from Navitas on the additional PL001 mapped prospects inclusion into the NSAI resource reports in due course.
South Africa
Following the announcement of its farm-in to Block 1 CBK offshore South Africa in May 2026, which is pending government approval, Navitas and Eco have been working closely together to assess the scale of the block's prospective resource to assess its potential future development options for the acreage.
Through this process, and based on existing seismic data, Block 1 CBK is estimated to have unrisked prospective gas resources totaling approximately 4.5 trillion cubic feet ("TCF") and >3,600 MMbbl. While additional seismic interpretation will take place, the increased updates to Block 1 CBK's resources is a reflection not only of the quality of the acreage but also the success of Eco and Navitas' ongoing technical work. The licence Joint Venture partners are awaiting the customary regulatory approvals, including approval of Navitas' Section 11 application, which is currently being reviewed by the relevant authorities based on Navitas' regulatory-required technical and financial capabilities.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
"Yesterday's updates from Navitas further support our ongoing cooperation in both the Falkland Islands and South Africa, as well as in Guyana and potentially other projects. In the Falkland Islands, the resource estimate released by Navitas for the first drilling target on PL001 further underline the quality and potential of the asset and reinforce our decision to increase Eco's exposure to the licence through our acquisition of JHI, which we expect to complete once final approval is received from the Falkland Islands Government.
As evidenced by Navitas' updated resources for Block 1 CBK, South Africa has world-class offshore oil and gas potential, with the capacity to strengthen energy security, attract significant international investment and support jobs and economic growth. However, unlocking these benefits requires a clear, stable and efficient regulatory framework that gives investors the confidence to commit capital while maintaining rigorous environmental standards, as has been achieved by Eco in 2022 in the Orange Basin South Africa and in neighbouring Namibia."
Navitas' filings can be accessed via the following link:
https://maya.tase.co.il/en/companies/1688/reports
**ENDS**
For more information, please visit www.ecooilandgas.com or contact the following.
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Eco Atlantic Oil and Gas |
c/o Celicourt +44 (0) 20 7770 6424 |
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Gil Holzman, President & Chief Executive Officer Alice Carroll, VP Business Development & Corporate Affairs |
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Strand Hanson (Financial & Nominated Adviser) |
+44 (0) 20 7409 3494 |
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James Harris, James Bellman, Edward Foulkes |
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Canaccord Genuity (Joint Broker) |
+44 (0) 20 7523 8000 |
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Henry Fitzgerald-O'Connor, Rory Blundell, Charlie Hammond |
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Berenberg (Joint Broker) |
+44 (0) 20 3207 7800 |
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Matthew Armitt |
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Celicourt (PR) |
+44 (0) 20 7770 6424 |
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Mark Antelme, Charles Denley-Myerson |
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.
In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licenses: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin which on completion of the farm-down to BP will reduce to 25% in each licence. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.
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