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An announcement from Eco Atlantic Oil & Gas ( (TSE:EOG) ) is now available.
Eco (Atlantic) Oil & Gas said Navitas Petroleum has signed a non-binding memorandum of agreement to farm in for a 65% working interest in the PL001 North Falklands Basin licence held by JHI Associates, in which Eco owns a 6.6% stake. The PL001 block, adjacent to Navitas’s Sea Lion development, spans 1,126 sq km in about 500 metres of water and is estimated by JHI to hold 3.1 billion barrels of unrisked prospective resources across multiple prospects analogous to the neighbouring Sea Lion field, reinforcing Eco’s strategic partnership with Navitas and potentially enhancing the value of Eco’s indirect exposure to the Falklands while discussions on joint projects in Guyana and South Africa continue.
More about Eco Atlantic Oil & Gas
Eco (Atlantic) Oil & Gas is a TSX-V and AIM-quoted exploration company focused on offshore Atlantic Margins, with licence interests in Guyana, Namibia and South Africa. The group targets low carbon intensity oil and gas in stable emerging markets close to existing or planned infrastructure, operating the Orinduik Block in the Guyana-Suriname Basin, three Walvis Basin licences in Namibia, and holding interests in South Africa’s Orange Basin, including Block 3B/4B and the operated Block 1 CBK.
Learn more about EOG stock on TipRanks’ Stock Analysis page.