(WO) — Navitas Petroleum has assumed operatorship of Block 1 CBK offshore South Africa following regulatory approval and completion of Eco (Atlantic) Oil & Gasoline’ farm-down of a 37.5% working curiosity within the license.
The 19,929-km² block lies in South Africa’s portion of the Orange basin, adjoining to Namibia, the place a collection of oil discoveries lately has pushed elevated exploration exercise. Navitas now holds a 37.5% curiosity in Block 1 CBK, with Eco retaining 37.5% and native companion OrangeBasin Energies holding 25%.
Below the transaction, Eco obtained $4 million in money and can be carried by Navitas for as much as $7.5 million of its share of the work program.
An August 2026 assessment by Eco and Navitas estimated greater than 3.6 billion bbl of unrisked potential oil sources and roughly 4.5 Tcf of potential fuel sources throughout the block. Three legacy wells have additionally confirmed a fuel discovery, with examined movement charges of 32.4 MMcfd.
The companions are persevering with seismic interpretation and reprocessing to determine prospects and potential drilling targets. The deliberate work program consists of two exploration wells.
“South Africa has a chance to show its offshore useful resource potential into funding, power safety, jobs and financial progress,” stated African Vitality Chamber Government Chairman NJ Ayuk. “Partnerships that mix worldwide capital and technical experience with native participation may help transfer these sources towards growth.”
An present possibility involving OrangeBasin Energies may additional change the possession construction. If exercised in full, with Navitas buying half of the extra curiosity, Eco and Navitas would every maintain 47.5%, whereas OrangeBasin Energies would retain 5%.
