Eco (Atlantic) Oil & Gas Ltd, 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 in Block 1 CBK offshore South Africa to Navitas Petroleum LP.
The Agreement is a key milestone in Eco’s strategic framework agreement with Navitas which provided Navitas with an option to farm-in to Block 1 CBK.
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.
