Navitas Petroleum strengthened its presence in the South Atlantic after signing a definitive agreement with Eco Atlantic to acquire a 37.5% operating stake in South Africa’s Block 1 CBK offshore. The transaction will allow the Israeli company to become the operator of the asset located in the Orange Basin, one of the most active exploration regions on the African continent.
The agreement is part of the strategic framework established between both companies in December 2025 and reinforces Navitas’ regional expansion within the offshore oil and gas segment.
Navitas will exercise the option on Block 1 CBK
As reported by Eco Atlantic, Navitas decided to formally exercise its participation option after completing the technical and geological review of the block. The final signing of the agreement took place on May 19, 2026, and is now subject to the corresponding regulatory approvals from the South African Petroleum Agency and the TSX Venture Exchange.
The transaction includes an initial payment of $4 million to Eco Atlantic, and Navitas will also finance part of the exploratory work program with a net financial commitment of up to $7.5 million for Eco.
After the transaction is completed, the shareholding structure will be distributed as follows:
- Navitas Petroleum: 37.5%
- Eco Atlantic: 37,5 %
- OrangeBasin Energies: 25 %
There is also the possibility that both companies could increase their stake to 47.5% each if an additional option related to OrangeBasin Energies is exercised before February 2028.
The Orange Basin continues to attract the interest of offshore operators
The Orange Basin has become one of the most active areas for offshore oil and gas exploration in southern Africa due to several recent discoveries in Namibia and South Africa.
With this acquisition, Navitas expands its deepwater asset portfolio and strengthens its growth strategy in the South Atlantic. The company already participates in offshore projects in the Gulf of America and the Falkland Islands, including the Shenandoah field and the Sea Lion development.
For its part, Eco Atlantic continues to advance its strategy of reducing financial risks through partnerships with international operators capable of undertaking large-scale exploration programs.
Eco Atlantic strengthens its regional strategy
Gil Holzman, president and CEO of Eco Atlantic, highlighted that Navitas’ entry will accelerate the development of the South African bloc and expand technical cooperation between the two companies.
In addition to Block 1 CBK, both companies maintain joint interests in offshore assets in the Falkland Islands and could expand their collaboration in Guyana through future operations related to the Orinduik block.
Eco Atlantic retains exploration interests in Guyana, Namibia and South Africa, where it maintains a presence in the Orange Basin and other offshore licenses considered to have high geological potential.
Source: Ecooilandgas
Photo: Wikipedia