Eco (Atlantic) partner signs MOU for PL001 farm-in

Executive Summary

• Navitas Petroleum LP has signed a non-binding memorandum of agreement with JHI Associates Inc. to farm-in and acquire a 65% working interest in the PL001 North Falklands basin licence.
• Eco (Atlantic) Oil & Gas Ltd. currently holds a 6.6% interest in JHI Associates Inc., giving it an indirect stake in this transaction.
• The PL001 licence covers 1,126 square kilometres in approximately 500-metre water depth and is adjacent to Navitas-operated Sea Lion Development, with JHI estimating 3.1 billion barrels of potential resources.

Key Details

• Transaction Structure: Non-binding memorandum of agreement between Navitas Petroleum LP and JHI Associates Inc. for a farm-in to acquire a 65% working interest in the PL001 North Falklands basin licence.
• Eco (Atlantic) Interest: Eco (Atlantic) holds a 6.6% interest in JHI Associates Inc., providing indirect exposure to the PL001 licence.
• Licence Area: PL001 covers 1,126 square kilometres.
• Water Depth: Approximately 500 metres.
• Resource Estimate: JHI's best estimate is 3.1 billion barrels across multiple prospects and leads.
• Geological Context: The licence contains multiple Lower Cretaceous prospects analogous to the neighbouring Sea Lion field.
• Strategic Context: This agreement strengthens the relationship between Eco (Atlantic) and Navitas Petroleum LP, following a previously signed framework agreement regarding several assets. Technical and commercial discussions regarding projects in Guyana and South Africa are continuing.

Notable Quotes

• "We are encouraged to see a further strengthening of our relationship with Navitas, this time through our holding in JHI. As part of our strategic partnership with Navitas, technical and commercial discussions in relation to our projects in both Guyana and South Africa are continuing and we look forward to keeping the market updated." — Gil Holzman, President and CEO of Eco (Atlantic)