Eco (Atlantic) Oil and Gas Ltd. Announces Navitas Farms-In to JHI's North Falklands Licence

Executive Summary

• Eco Atlantic announced that Navitas Petroleum LP has signed a non‑binding Memorandum of Agreement with JHI Associates Inc. to farm‑in a 65% working interest in the PL001 North Falklands Basin Licence, increasing Eco’s exposure to a prospectively significant offshore asset.
• The licence covers 1,126 km² in ~500 m water depth and is estimated by JHI to contain 3.1 billion barrels of oil‑equivalent across multiple prospects, including Lower Cretaceous targets analogous to the nearby Sea Lion field.
• The transaction strengthens Eco’s strategic partnership with Navitas and aligns with ongoing technical and commercial discussions on other projects (Guyana, South Africa).

Key Details

• Parties Involved: Navitas Petroleum LP (farm‑in partner) and JHI Associates Inc. (current 6.6% holder of the licence); Eco Atlantic holds a 6.6% interest in JHI.
• Transaction Structure: Non‑binding Memorandum of Agreement for Navitas to acquire a 65% working interest in PL001; Eco’s indirect participation remains via its stake in JHI.
• Licence Description: PL001 North Falklands Basin Licence – 1,126 km² area, water depth ~500 m, offshore Atlantic margin.
• Resource Estimate: JHI’s “Best Estimate” of 3.1 billion barrels of oil‑equivalent across multiple prospects and leads within the licence.
• Strategic Context: Adjacent to Navitas‑operated Sea Lion Development; part of Eco’s broader focus on offshore Atlantic margins (Guyana, Namibia, South Africa).
• Management Comment: Gil Holzman, President & CEO, highlighted the strengthening relationship with Navitas and ongoing technical/commercial discussions for projects in Guyana and South Africa.

Notable Quotes

“We are encouraged to see a further strengthening of our relationship with Navitas, this time through our holding in JHI… we look forward to keeping the market updated.” – Gil Holzman, President & CEO, Eco Atlantic.