Eco (Atlantic) Oil & Gas has reported major progress across its Atlantic Margin exploration portfolio for the fiscal year ended March 31, anchored by new strategic partnerships with bp and Navitas Petroleum spanning Namibia, Guyana and South Africa.

The centrepiece was an April deal to farm down a 60% interest in offshore Namibia licences PEL 97, PEL 99 and PEL 100 to bp Namibia Energy. Once completed, Eco will retain a 25% working interest while bp funds Eco’s share of the current exploration phase, including seismic reprocessing on PEL 97 and a minimum 3,000-square-kilometre 3D seismic survey across PEL 99 and PEL 100.

In South Africa, Eco is progressing a separate farm-down that would hand a 37.5% working interest and operatorship of Block 1 CBK to Navitas Petroleum, subject to regulatory approval, with Navitas funding Eco’s share of the exploration work programme. On Block 3B/4B offshore South Africa, Eco is awaiting final environmental approvals to drill its first exploration well, remaining fully carried through the first two wells and expecting an additional $11.5 million from joint venture partners once the first well is permitted and spudded.

In Guyana, Eco and Navitas are in talks with the Ministry of Natural Resources over a new licence for the Orinduik Block, with the process expected to conclude in the third quarter of 2026, while Eco is also expanding into the North Falkland Basin through a planned acquisition of JHI Associates that would boost its stake in the PL001 licence next to the Navitas-operated Sea Lion development.

CEO Gil Holzman called the past twelve months transformational for the company, citing the bp farm-down and the Navitas partnership as milestones that de-risk Eco’s exploration portfolio while keeping exposure across multiple frontier basins.

Source: worldoil.com