Eco (Atlantic) Oil & Gas, the oil and gas exploration company focused on the offshore Atlantic Margins, has announced that Navitas Petroleum, with whom Eco signed a Framework Agreement related to several assets, has signed a non-binding Memorandum of Agreement with JHI Associates Inc ('JHI'), in which Eco currently has a 6.6% interest, for a farm-in to acquire a 65% Working Interest in the PL001 North Falklands Basin Licence ('PL001'). PL001 is adjacent to the Navitas operated Sea Lion Development.
PL001 covers 1,126km2 in circa 500m water depth and contains significant exploration potential, with JHI's Best Estimate of 3.1 billion barrels across multiple prospects and leads, including multiple Lower Cretaceous prospects analogous to the neighbouring Sea Lion field.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
'We are encouraged to see a further strengthening of our relationship with Navitas, this time through our holding in JHI. As part of our Strategic Partnership with Navitas, technical and commercial discussions in relation to our projects in both Guyana and South Africa are continuing and we look forward to keeping the market updated.
Link to Navitas announcement: https://maya.tase.co.il/he/reports/1716562
Source: Eco Atlantic
