Eco (Atlantic) notes Navitas PL001 farm-in deal

Executive Summary

• Navitas Petroleum LP signed a definitive farm‑in agreement to acquire a 65 % working interest in the PL001 North Falklands basin licence, where Eco Atlantic retains a 6.6 % interest.
• The licence covers 1,126 km² in ~500 m water depth and is estimated by JHI Associates to contain 3.1 billion barrels of oil across multiple prospects, including Lower Cretaceous analogues to the Sea Lion field.
• The transaction deepens Eco Atlantic’s strategic partnership with Navitas and expands its exposure to a high‑potential offshore Falklands asset.

Key Details

• Parties: Navitas Petroleum LP (buyer) and JHI Associates Inc. (seller); Eco Atlantic holds a 6.6 % interest in the licence.
• Interest Acquired: Navitas will obtain a 65 % working interest; Eco’s remaining interest remains at 6.6 %.
• Licence Description: PL001 North Falklands basin licence (PL001) – 1,126 km² area, water depth ~500 m.
• Resource Estimate: JHI’s best estimate of 3.1 billion barrels of oil across multiple prospects and leads.
• Geological Highlights: Contains several Lower Cretaceous prospects analogous to Navitas‑operated Sea Lion Development field.
• Strategic Rationale: Enhances Navitas’ presence offshore the Falkland Islands; strengthens Eco Atlantic’s partnership with Navitas and aligns with its existing acreage in Guyana, Namibia, and South Africa.

Notable Quotes

“Navitas's farm‑in to this highly prospective field not only strengthens its presence offshore the Falkland Islands but further deepens our relationship, adding further shared acreage as part of our strategic partnership.” – Gil Holzman, President & CEO, Eco Atlantic.