Eco Atlantic partners with Navitas Petroleum for offshore exploration in Guyana and South Africa. Navitas to pay $2m for options on Orinduik block in Guyana and Block 1 CBK in South Africa. Navitas may acquire 80% stake in Orinduik by paying an additional $2.5m. Eco Atlantic retains 20% interest.

Navitas to carry Eco Atlantic through Orinduik work program capped at $11m. Navitas has option for 47.5% stake in South Africa’s Block 1 CBK by paying $4m. Eco Atlantic may acquire additional 20% stake in Block 1 CBK if separate agreement with OBE is finalised.

Navitas can buy a minimum 25% of Eco Atlantic’s interests in other upstream assets. Option proceeds to support work programs and identify new exploration opportunities. Eco Atlantic and Navitas may collaborate on future ventures on a 50:50 basis. Navitas’ option to farm into other assets lasts up to ten years.

Partnership between Eco Atlantic and Navitas supports exploration efforts in Guyana and South Africa. Navitas secures options for significant stakes in Eco Atlantic’s offshore blocks. Collaboration may lead to future joint ventures and asset acquisitions. Option agreements provide flexibility for both companies in the long term.

Read more at Yahoo Finance: Eco Atlantic and Navitas sign offshore exploration partnership deal for Guyana, South Africa