Navitas Petroleum has completed the acquisition of a 37.5% working interest in Block 1 CBK offshore South Africa after securing the required regulatory approval.
The transaction gives subsidiary Navitas Petroleum Africa a 37.5% interest in the block and makes it operator of the licence, extending the company’s exploration portfolio into a new African market.
The completion also deepens Navitas’ partnership with Eco Atlantic Oil & Gas, with the companies now working together in South Africa as they seek to advance the exploration potential of Block 1 CBK.
Gil Holzman, Eco’s president and CEO, said the completion of the farm-down represented another milestone in the companies’ partnership.
“Completion of the Block 1 CBK farm-down marks another important milestone in our strategic framework with Navitas, extending our partnership into South Africa and demonstrating the value of our growing collaboration across multiple jurisdictions.
“Navitas is a highly experienced global operator and producer with an exceptional track record of developing offshore resources. Their expertise, together with South Africa’s growing need to bring new domestic gas supplies online to meet in-country demand for oil & gas, provides strong foundations to progress the development of Block 1 CBK’s sizeable resources.”
Navitas said the acquisition forms part of its “Navitas 2.0” strategy, under which the company is seeking to expand its exploration portfolio into new geographies while maintaining a selective approach to growth.
The company will work alongside Eco Atlantic and OrangeBasin Energies on the block.
“We look forward to working with Eco Atlantic and OrangeBasin Energies as we move forward with the block,” Navitas said.
The South African acquisition comes as Navitas continues to expand its upstream portfolio in the South Atlantic.
The company has also agreed to acquire a 65% interest in the PL001 licence in the North Falkland Basin, further increasing its exposure to offshore oil and gas exploration and development opportunities.
