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Eco (Atlantic) Oil and Gas Ltd. Announces Navitas Petroleum farms into Block 1 CBK
ECO (ATLANTIC) OIL & GAS LTD.("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")Navitas Petroleum exercises option to farm into
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"ECO (ATLANTIC) OIL & GAS LTD.(\"Eco,\" \"Eco Atlantic,\" \"Company,\" or together with its subsidiaries, the \"Group\")Navitas Petroleum exercises option to farm into Block 1 CBK, offshore South Africa TORONTO, ON / ACCESS Newswire / May 20, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce that, further to the Company's announcement on December 4, 2025, it has signed a definitive agreement to farm down a 37.5% working interest (\"WI\") in Block 1 CBK offshore South Africa (\"Block 1 CBK\") to Navitas Petroleum LP (acting through a subsidiary) (\"Navitas\") (the \"Agreement\"). The Agreement is a key milestone in Eco's strategic framework agreement with Navitas (the \"Strategic Framework\") which provided Navitas with an option to farm-in to Block 1 CBK (the \"Block 1 CBK Option\").Navitas has, following a review of geological data, now elected to exercise the Block 1 CBK Option through the execution of a definitive farmout agreement on May 19, 2026. The Agreement is conditional on receipt of customary regulatory approvals, from the Petroleum Agency of South Africa and the TSX Venture Exchange and receipt of US$4.0 million cash payment from Navitas to Eco. Upon completion Navitas will become the Operator of Block 1 CBK with 37.5% WI (and up to 47.5% pending exercise of the Eco-OrangeBasin Energies option) upon completion of the transaction.Eco will retain a remaining WI of 37.5% (and up to 47.5% assuming the exercise of the option with OrangeBasin Energies referenced below). Eco will be carried by Navitas for the work programme, the value of the carry being capped at US$7.5 million net to Eco. The amounts carried by Navitas will be repaid via Eco's share of proceeds from future production on the Block.On December 3 2025, Eco, through its subsidiary Azinam South Africa Limited (\"Azinam SA\"), signed an exclusive option agreement with its local partner OrangeBasin Energies (Pty) Ltd (\"OrangeBasin Energies\"), formerly Tosaco Energy (Pty) Ltd, (the \"Option Agreement\") to acquire a further 20% participating interest in Block 1 CBK for a cash and shares consideration as detailed in the Company's announcement on December 4, 2025. Under the Block 1 CBK Option, Navitas has the right to acquire 50% of this option (repr...