Following a review of the geological data, Navitas decided to take up its Block 1 CBK entry option. The agreement remains conditional on regulatory approvals from the Petroleum Agency of South Africa and the TSX Venture Exchange, and receipt of a $4 million cash payment to Eco.
Upon completion, Navitas will become operator of the block, with its 37.5% share of the license potentially rising pending the exercise of the Eco-OrangeBasin Energies option.
Navitas has agreed to carry Eco for its share of the work program up to $7.5 million, to be repaid in the future via Eco’s share of proceeds from future production on the block.
The initial exploration period is set to expire in February 2028.
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.
