(WO) — Navitas Petroleum has assumed operatorship of Block 1 CBK offshore South Africa following regulatory approval and completion of Eco (Atlantic) Oil & Gas’ farm-down of a 37.5% working interest in the license.
The 19,929-km² block lies in South Africa’s portion of the Orange basin, adjacent to Namibia, where a series of oil discoveries in recent years has driven increased exploration activity. Navitas now holds a 37.5% interest in Block 1 CBK, with Eco retaining 37.5% and local partner OrangeBasin Energies holding 25%.
Under the transaction, Eco received $4 million in cash and will be carried by Navitas for up to $7.5 million of its share of the work program.
An August 2026 review by Eco and Navitas estimated more than 3.6 billion bbl of unrisked prospective oil resources and approximately 4.5 Tcf of prospective gas resources across the block. Three legacy wells have also confirmed a gas discovery, with tested flow rates of 32.4 MMcfd.
The partners are continuing seismic interpretation and reprocessing to identify prospects and potential drilling targets. The planned work program includes two exploration wells.
“South Africa has an opportunity to turn its offshore resource potential into investment, energy security, jobs and economic growth,” said African Energy Chamber Executive Chairman NJ Ayuk. “Partnerships that combine international capital and technical expertise with local participation can help move these resources toward development.”
An existing option involving OrangeBasin Energies could further change the ownership structure. If exercised in full, with Navitas acquiring half of the additional interest, Eco and Navitas would each hold 47.5%, while OrangeBasin Energies would retain 5%.
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