(WO) — Eco (Atlantic) Oil & Gas said it made significant progress across its Atlantic Margin exploration portfolio during its fiscal year ended March 31, highlighting strategic partnerships with bp and Navitas Petroleum that advance exploration activities in Namibia, Guyana and South Africa.
A key milestone came in April, when Eco agreed to farm down a 60% participating interest in offshore Namibia licenses PEL 97, PEL 99 and PEL 100 to bp Namibia Energy. Upon completion, Eco will retain a 25% working interest while bp will fund the company’s share of the current exploration phase, including seismic reprocessing on PEL 97 and a minimum 3,000-km² 3D seismic survey across PEL 99 and PEL 100.
In South Africa, Eco continues to progress a farm-down agreement that will transfer a 37.5% working interest and operatorship of Block 1 CBK to Navitas Petroleum, subject to regulatory approvals. Under the agreement, Navitas will fund Eco’s share of the block’s exploration work program.
The company also reported continued progress on Block 3B/4B offshore South Africa, where it is awaiting final environmental approvals before drilling its first exploration well. Eco said it remains fully carried through the first two exploration wells and expects to receive an additional $11.5 million from joint venture partners once the first well is permitted and spudded.
In Guyana, Eco and Navitas continue discussions with the Ministry of Natural Resources regarding a new license for the Orinduik Block, where the companies are planning future appraisal and exploration activities. Eco said it expects the licensing process to conclude during the third quarter of 2026.
The company is also expanding its position in the North Falkland Basin through its planned acquisition of JHI Associates, which will increase its interest in the PL001 license adjacent to the Navitas-operated Sea Lion development.
“The past twelve-month period has been truly transformational for Eco,” President and CEO Gil Holzman said, citing the bp farm-down in Namibia and the strategic partnership with Navitas as milestones that further derisk the company’s exploration portfolio while maintaining exposure to multiple frontier basins.
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