Israel’s Navitas Petroleum has signed a definitive agreement to acquire a 37.5 per cent working interest in Block 1 CBK offshore South Africa from Eco (Atlantic) Oil & Gas, with Navitas assuming operatorship of the block upon completion of the transaction. The deal follows Navitas’s review of geological data and its exercise of an option under a strategic framework agreement established with Eco Atlantic.
The agreement is conditional on regulatory approvals from the Petroleum Agency of South Africa and the TSX Venture Exchange, as well as a $4 million cash payment from Navitas to Eco. Eco Atlantic will retain a 37.5 per cent stake and be carried by Navitas for the work programme up to $7.5 million net to Eco, repayable from future production proceeds.
Eco Atlantic also holds an option through its subsidiary Azinam South Africa to acquire a further 20 per cent participating interest in the block from local partner OrangeBasin Energies, with Navitas having the right to acquire 50 per cent of that option — representing an additional 10 per cent working interest — potentially lifting its stake to 47.5 per cent.
Navitas brings a portfolio of offshore assets including the Shenandoah deepwater field in the US Gulf, where it holds a 49 per cent stake that reached first production in July 2025, and the Sea Lion development in the Falkland Islands, which reached FID in December 2025. In January 2026, Navitas further expanded its South Atlantic footprint by agreeing to acquire a 65 per cent stake in the PL001 North Falkland Basin licence alongside Eco Atlantic.
Gil Holzman, President and CEO of Eco Atlantic, said the agreement propels the company toward a promising future in South Africa’s offshore oil and gas landscape and deepens a strategic partnership that also spans the Falkland Islands and potentially Guyana’s Orinduik Block.
Source: offshore-energy.biz; oedigital.com; energy-pedia.com