en.Wedoany.com Reported - Eco Atlantic Oil & Gas (Eco) has partnered with Navitas, which will serve as the operator of South Africa's Block 1 CBK, aiming to accelerate exploration activities in the Orange Basin while reducing capital risk. Eco CEO Gil Holzman told Prospect that this move is a key step in the company's strategy to advance its Atlantic margin asset portfolio, sharing frontier exploration risks through collaboration with established operators while retaining potential upside on high-impact projects.
Navitas has demonstrated offshore operational capabilities in regions such as the U.S. Gulf of Mexico and the Falkland Islands. Its decision to assume operatorship of Block 1 CBK strengthens the technical and financial foundation of the project. Under the agreement, Navitas will invest $7.5 million to fund the work program, advancing the block into a more rapid exploration phase, while Eco preserves capital and maintains balance sheet strength, enabling it to simultaneously pursue multiple opportunities within its portfolio. Navitas's commitment is based on its independent technical assessment, reflecting confidence in the geological potential of Block 1 CBK and the Orange Basin. Exploration interest in the region has continued to grow following a series of major discoveries offshore Namibia in recent years.
Eco also holds an optional additional interest, allowing it to increase its stake in Block 1 CBK by up to 20%, providing the company with strategic flexibility. As exploration progresses, Eco may in the future transfer interests to other major companies or balance risk by retaining exposure to high-potential assets. In its transaction with bp, Eco demonstrated a similar strategy: early acquisition of license blocks PEL 97, 99, and 100 in Namibia's Walvis Basin, followed by enhanced technical understanding and subsequent development through partnership with bp. Eco reduced financial and exploration risks through interest transfers while retaining a 25% stake to maintain exposure to potential success.
bp plans to conduct a 3D seismic survey in Namibia, which will further define and prioritize prospects within the license area. Enhanced seismic imaging will help reveal subsurface structures and reservoir quality, supporting more advanced evaluations and future drilling decisions, while boosting industry confidence in the region and potentially unlocking additional exploration opportunities across the broader Walvis Basin.
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