Navitas confirms entry as major shareholder in offshore Falklands license

Navitas Petroleum has signed a definitive agreement with JHI Associates to acquire a 65% share of the PL001 license in the offshore North Falkland Basin.

Eco (Atlantic) Oil & Gas, which has a 6.6% interest in JHI, said the 1,126-sq-km license (in about 500 m water depth) is adjacent to the Navitas-operated Sea Lion development.

JHI’s best estimate of the license’s exploration potential is 3.1 BBoe, spread across various prospects and leads that include multiple Lower Cretaceous prospects analogous to the Sea Lion field.

Navitas Petroleum Development and Production, a UK subsidiary of Navitas Petroleum, took FID late last year with Rockhopper Exploration on the Sea Lion development, 220 km north of the Falkland Islands.

The company planned to establish an office in Aberdeen to work with its offices in London and the Falkland Islands on the development; the initial planned stage calls for drilling of 11 subsea wells tied back to a redeployed FPSO, followed under Phase 2 with a further 12 wells.