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Eco (Atlantic) Oil and Gas Ltd Announces Strategic Partnership with Navitas Petroleum
Eco Atlantic enters Framework and Option Agreements with Navitas Petroleum for Orinduik Block off...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd Announces Strategic Partnership with Navitas PetroleumEco Atlantic enters Framework and Option Agreements with Navitas Petroleum for Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa as well as future oil and gas cooperation TORONTO, ONTARIO / ACCESS Newswire / December 4, 2025 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces the Company has entered into a binding Framework Agreement, the Orinduik Option and the Block 1 CBK Option with Navitas Petroleum LP (\"Navitas\"), an international oil and gas exploration and production partnership with a portfolio of established North American and Falkland Islands oil and gas assets (the \"Strategic Partnership\").As part of the Strategic Partnership, Navitas shall pay Eco Atlantic US$2,000,000 to enter into an exclusive option agreement to farm-in to the Orinduik Block offshore Guyana (the \"Orinduik Block\") (the \"Orinduik Option\") and Block 1 CBK offshore South Africa (\"Block 1 CBK\") (the \"Block 1 CBK Option\" and together, the \"Options\"). The Orinduik Option, which may be exercised within twelve months and upon payment of US$2,500,000 to Eco, enables Navitas to farm-in to the Orinduik Block to acquire an 80% working interest and operatorship, and will carry Eco in respect of the work to be performed in the Orinduik Block, which may include drilling an exploration well or appraising the Jethro-1 and Joe-1 existing heavy oil discoveries for potential development and commercialisation. The Block 1 CBK Option, which may be exercised within six months and upon payment of US$4,000,000 to Eco, enables Navitas to acquire up to a 47.5% working interest and operatorship and will carry Eco's share of the exploration work programme in Block 1 CBK. The amounts carried by Navitas will be repaid via Eco's share of proceeds from future production.Transaction Highlights:Navitas signed a binding framework agreement on 3rd December 2025 and shall pay Eco Atlantic US$2,000,000 (the \"Framework Agreement\").Navitas has been granted the Orinduik Option to execute a farmout agreement to farm-in to the Orinduik Block offshore Guyana such that, on exercise, Navitas will make a US$2,500,000 payment to Eco and become the Operator of the block with an 80% workin...