Eco (Atlantic) Oil & Gas has signed a definitive agreement to farm down a 37.5% working interest in Block 1 CBK offshore South Africa to Navitas Petroleum, marking a further step in the exploration of South Africa’s Atlantic margin.
The agreement follows an earlier strategic framework between the two companies, under which Navitas was granted an option to farm into the block. After reviewing the geological data, Navitas has now exercised that option through a definitive farm-out agreement dated 19 May 2026.
Under the terms of the transaction, Navitas will make a US$4 million cash payment to Eco and, subject to customary regulatory approvals from the Petroleum Agency of South Africa and the TSX Venture Exchange, will become operator of Block 1 CBK. Navitas will hold a 37.5% working interest, with the possibility of increasing its position to 47.5% depending on the exercise of an additional option involving Eco-OrangeBasin Energies.
For Eco Atlantic, the farm-out supports a strategy of advancing frontier and emerging exploration opportunities through partnerships while retaining exposure to potential upside. For Navitas, the agreement provides entry into a block positioned along one of the world’s most closely watched offshore exploration trends: the South Atlantic margin.
The transaction is significant because Block 1 CBK sits within the broader Atlantic margin exploration context, where understanding rift evolution, sediment routing, source-rock development, reservoir presence and trap timing remains central to de-risking future prospects. Recent exploration interest along both sides of the South Atlantic has reinforced the importance of basin-scale geological analogues, including the comparison of conjugate margins across Africa and South America.
This topic connects directly with the 9th EAGE Conference on Conjugate Margins, taking place 27–31 July 2026 in St. John’s, Newfoundland and Labrador, Canada. The conference focuses on the geological evolution and energy resource potential of Atlantic conjugate margin basins, with sessions covering rifted margin processes, deepwater systems, geodynamics and emerging energy themes.
For readers following developments such as the Navitas–Eco Atlantic farm-in, the EAGE conference is particularly relevant because its technical themes include geodynamics and structural geology, stratigraphy and depositional systems, petroleum systems, conjugate-margin analogues, carbon sequestration and new analytical methods such as AI-assisted interpretation. These are precisely the disciplines needed to understand why certain Atlantic margin plays attract renewed exploration interest — and where the next opportunities may emerge.
News source: Eco (Atlantic) Oil & Gas Ltd., via ACCESS Newswire.
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