Navitas Petroleum has signed a non-binding memorandum of agreement to farm in to the PL001 licence in the North Falklands basin, a block located adjacent to the Sea Lion development.
The proposed transaction was signed with JHI Associates, which holds the licence and in which Eco Atlantic Oil & Gas has a 6.6% interest. Under the terms of the agreement, Navitas would acquire a 65% working interest in PL001, expanding its footprint in the South Atlantic basin.
PL001 covers approximately 1,126 sq km in around 500 m of water depth and lies immediately adjacent to the Navitas-operated Sea Lion oil field development area. The proximity to Sea Lion provides potential strategic and technical synergies, including shared geological understanding, infrastructure planning and development optionality.
See also: FID secured for Sea Lion field offshore Falklands, first oil targeted 2028
According to JHI, the licence contains multiple exploration prospects and leads with best-estimate prospective resources of approximately 3.1 Bbbl. Several of the identified targets are Lower Cretaceous prospects considered geologically analogous to the Sea Lion accumulation.
“We are encouraged to see a further strengthening of our relationship with Navitas, this time through our holding in JHI,” commented Gil Holzman, President and CEO of Eco Atlantic. “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.”
The proposed farm-in remains subject to further negotiations and regulatory approvals. If completed, the deal would position Navitas to build on momentum from the Sea Lion development while advancing exploration in one of the South Atlantic’s most prospective yet underdeveloped offshore basins.
