Eco (Atlantic) in talks to continue Orinduik work

Executive Summary

• Eco (Atlantic) Oil & Gas Ltd. and partner Navitas Petroleum LP are engaged in constructive discussions with the Guyana Ministry of Natural Resources (MNR) regarding the continuation of their appraisal and exploration program on the Orinduik block.
• Although the Orinduik licence reached the end of its second renewal term on January 14, 2026, the company retains rights to the Jethro-1 and Joe-1 discoveries pending approval of the submitted appraisal program, in accordance with the Petroleum Act.
• The company has submitted relevant joint submissions to the MNR and Guyana Geology and Mines Commission and is working to define a value-accretive path forward for the block.

Key Details

• Licence Status: The Orinduik block licence reached the end of its second renewal term on January 14, 2026.
• Regulatory Framework: Under the Petroleum Act, Eco (Atlantic) and Navitas can maintain rights to the Jethro-1 and Joe-1 discoveries while awaiting approval for the submitted appraisal program.
• Regulatory Submissions: The MNR and Guyana Geology and Mines Commission have received joint submissions from Eco (Atlantic) and Navitas regarding the appraisal program.
• Strategic Focus: The company is pursuing the most efficient and value-accretive path forward acceptable to the ministry, focusing on preserving access to existing discoveries and progressing appraisal activity.
• Block Details: Eco (Atlantic) holds a 100% working interest in the 1,354-square-kilometre Orinduik block in the proven Guyana-Suriname basin.
• Partnership: The update is issued jointly with Navitas Petroleum LP, with whom Eco has a new framework agreement.

Notable Quotes

• "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." — Gil Holzman, President and CEO