Eco Atlantic Oil & Gas (LSE:ECO) has highlighted growing exploration potential across its offshore portfolio following resource updates from strategic partner Navitas Petroleum covering assets in the Falkland Islands and South Africa.
The company is working to increase its exposure to the North Falkland Basin through the proposed acquisition of JHI Associates, which would provide Eco with an interest in licence PL001. The transaction would expand the group’s position across the Atlantic Margins while giving it exposure to a potentially significant exploration campaign alongside Navitas.
Navitas is planning a multi-target exploration well on PL001 as part of the wider Sea Lion Project drilling campaign, which is expected to begin in early 2027. The first exploration target is estimated to contain approximately 640 million barrels of 2U prospective resources.
In the event of exploration success, around 225 million barrels of those prospective resources would be attributable to Eco following completion of the planned JHI acquisition. The scale of the target gives the company potentially material exposure to further discoveries in the North Falkland Basin.
Eco has also reported an increase in the estimated resource potential of Block 1 CBK offshore South Africa. Joint technical work carried out on the acreage has raised unrisked prospective gas resources to approximately 4.5 trillion cubic feet, alongside more than 3,600 million barrels of prospective liquids resources.
The updated estimates reinforce the potential scale of Block 1 CBK, where Eco holds an operated interest. Further progress will depend partly on regulatory approvals, which will influence the timing and scope of future exploration, development and investment decisions.
Management views the latest Falklands and South African assessments as further evidence of the substantial offshore resource potential within Eco’s portfolio. The company is seeking to expand its relationship with Navitas across multiple regions while maintaining exposure to large-scale exploration opportunities.
Eco has also emphasised the importance of clear and efficient regulatory frameworks in unlocking offshore investment. Management believes regulatory certainty is essential to attracting development capital and allowing hydrocarbon projects to contribute to energy security, employment and wider economic activity in host countries.
About Eco Atlantic Oil & Gas
Eco Atlantic Oil & Gas is an exploration company quoted on AIM and the TSX Venture Exchange, with a portfolio focused on offshore opportunities across the Atlantic Margins. Its interests span Guyana, Namibia and South Africa, with the company targeting oil and gas resources in emerging basins and areas with access to existing or developing infrastructure.
In Guyana, Eco operates the 1,354-square-kilometre Orinduik Block and holds a 100% working interest in the licence, which lies within the prolific Guyana-Suriname Basin.
In Namibia, the company operates PELs 97, 99 and 100 in the Walvis Basin and initially holds an 85% interest in the licences. Following completion of a planned farm-down to BP, Eco’s interest is expected to reduce to 25%.
The company also holds a 5.25% interest in South Africa’s Block 3B/4B and a 75% operated interest in Block 1 CBK.
Eco Atlantic’s strategy is centred on building exposure to potentially significant offshore resources while working with established industry partners. Its collaboration with companies including Navitas Petroleum forms part of its approach to advancing exploration opportunities while managing capital requirements and development risk.
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