Navitas Petroleum farms into South Africa's Block 1 CBK, gaining 37.5% stake and operatorship from Eco Atlantic.

Navitas Petroleum has exercised its option to farm into Block 1 CBK offshore South Africa by acquiring a 37.5% working interest from Eco Atlantic Oil & Gas Ltd. This deal, pending regulatory approvals and a $4 million payment, will make Navitas the operator of the block. Eco retains a 37.5% stake and will be carried by Navitas for the work program, with costs capped at $7.5 million. The partnership strengthens Eco's strategic position in South Africa and complements Navitas' existing offshore portfolio, enhancing exploration and production prospects in the region.