Navitas Farms-In to JHI's North Falklands Licence
Navitas Petroleum LP has entered into a non-binding agreement to farm-in for a 65% working interest in the PL001 North Falklands Basin Licence, which covers 1,126km2 and is estimated to hold 3.1 billion barrels of oil. Eco (Atlantic) Oil and Gas Ltd., which currently holds a 6.6% interest in JHI Associates Inc., the owner of PL001, views this as a strengthening of its relationship with Navitas, with whom it has a framework agreement. This development is adjacent to the Navitas-operated Sea Lion Development and is expected to be of interest to shareholders given the significant exploration potential.
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Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG) (Toronto, Canada), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce that Navitas Petroleum LP ("Navitas"), 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
For more information, please visit www.ecooilandgas.com or contact the following.
| Eco Atlantic Oil and Gas | c/o Celicourt +44 (0) 20 7770 6424 |
Gil Holzman, President & Chief Executive Officer Alice Carroll, Vice President Business Development
| Strand Hanson (Financial & Nominated Adviser) | +44 (0) 20 7409 3494 |
| James Harris, James Bellman | |
| Canaccord Genuity (Broker) | +44 (0) 20 7523 8315 |
| Henry Fitzgerald-O'Connor | |
| Berenberg (Broker) | +44 (0) 20 3207 7800 |
| Matthew Armitt | |
| Celicourt (PR) | +44 (0) 20 7770 6424 |
Mark Antelme, Charles Denley-Myerson
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.