{"success":true,"data":{"pressRelease":{"id":"126577","rtpr_id":"nACSRz7qSa","ticker":"EOG","exchange":"","all_tickers":["EOG"],"title":"Eco (Atlantic) Oil and Gas Ltd. Announces Navitas Update on PL001 & Block 1 CBK","author":"ACCESSWIRE","published_at":"2026-08-25T06:10:00.693Z","article_body":"ECO (ATLANTIC) OIL & GAS LTD.\n\n(\"Eco,\" \"Eco Atlantic,\" \"Company,\" or together with its subsidiaries, the\n\"Group\")\n\nNavitas update on PL001 North Falklands Licence and Block 1 CBK offshore South\nAfrica\n\nTORONTO, ON / ACCESS Newswire (https://www.accessnewswire.com/) / August 25,\n2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG) (Toronto, Canada),\nthe oil and gas exploration company focused on the offshore Atlantic Margins,\nnotes the recent announcements from its strategic partner Navitas Petroleum LP\n(\"Navitas\") regarding assets in the Falkland Islands and South Africa.\n\nFalkland Islands\n\nAs per Navitas' Quarterly Report, announced on 24 August 2026, Navitas\n(subject to completion of its acquisition of PL001) intends to drill a\nmulti-target exploration well on PL001 during its development drilling\ncampaign in the North Falkland Basin, with part of the Sea Lion Project (NDA1)\ndrilling campaign expected to commence at the beginning of 2027.\n\nNavitas estimates that the first chosen drilling target on PL001 holds a 2U\nprospective resource of 640 million barrels of oil (\"MMbbl\"). Based on this\nestimate and pending completion of Eco's acquisition of JHI Associates, Inc.\n(\"JHI\"), Eco's share of the 2U prospective resource of PL001 will be\napproximately 225 MMbbl in the drilling success case. Navitas notes that in a\nsuccess case this target could be tied back to the Sea Lion platform.\n\nNavitas noted in its presentation there are several additional prospects that\nare not yet included in the resource reports. Eco will continue to update\nshareholders in due course, including updates on the completion of its\nacquisition of JHI, and any further updates from Navitas on the additional\nPL001 mapped prospects inclusion into the NSAI resource reports in due course.\n\nSouth Africa\n\nFollowing the announcement of its farm-in to Block 1 CBK offshore South Africa\nin May 2026, which is pending government approval, Navitas and Eco have been\nworking closely together to assess the scale of the block's prospective\nresource to assess its potential future development options for the acreage.\n\nThrough this process, and based on existing seismic data, Block 1 CBK is\nestimated to have unrisked prospective gas resources totaling approximately\n4.5 trillion cubic feet (\"TCF\") and >3,600 MMbbl. While additional seismic\ninterpretation will take place, the increased updates to Block 1 CBK's\nresources is a reflection not only of the quality of the acreage but also the\nsuccess of Eco and Navitas' ongoing technical work. The licence Joint Venture\npartners are awaiting the customary regulatory approvals, including approval\nof Navitas' Section 11 application, which is currently being reviewed by the\nrelevant authorities based on Navitas' regulatory-required technical and\nfinancial capabilities.\n\nGil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:\n\n\"Yesterday's updates from Navitas further support our ongoing cooperation in\nboth the Falkland Islands and South Africa, as well as in Guyana and\npotentially other projects. In the Falkland Islands, the resource estimate\nreleased by Navitas for the first drilling target on PL001 further underline\nthe quality and potential of the asset and reinforce our decision to increase\nEco's exposure to the licence through our acquisition of JHI, which we expect\nto complete once final approval is received from the Falkland Islands\nGovernment.\n\nAs evidenced by Navitas' updated resources for Block 1 CBK, South Africa has\nworld-class offshore oil and gas potential, with the capacity to strengthen\nenergy security, attract significant international investment and support jobs\nand economic growth. However, unlocking these benefits requires a clear,\nstable and efficient regulatory framework that gives investors the confidence\nto commit capital while maintaining rigorous environmental standards, as has\nbeen achieved by Eco in 2022 in the Orange Basin South Africa and in\nneighbouring Namibia.\"\n\nNavitas' filings can be accessed via the following link:\n\nhttps://maya.tase.co.il/en/companies/1688/reports\n\n**ENDS**\n\nFor more information, please visit www.ecooilandgas.com or contact the\nfollowing.\n\n Eco Atlantic Oil and Gas                                                                                     c/o Celicourt +44 (0) 20 7770 6424  \n Gil Holzman, President & Chief Executive Officer Alice Carroll, VP Business Development & Corporate Affairs                                      \n Strand Hanson (Financial & Nominated Adviser)                                                                +44 (0) 20 7409 3494                \n James Harris, James Bellman, Edward Foulkes                                                                                                      \n Canaccord Genuity (Joint Broker)                                                                             +44 (0) 20 7523 8000                \n Henry Fitzgerald-O'Connor, Rory Blundell, Charlie Hammond                                                                                        \n Berenberg (Joint Broker)                                                                                     +44 (0) 20 3207 7800                \n Matthew Armitt                                                                                                                                   \n Celicourt (PR)                                                                                               +44 (0) 20 7770 6424                \n Mark Antelme, Charles Denley-Myerson                                                                                                             \n\nAbout Eco Atlantic:\n\nEco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas\nexploration company with offshore license interests in Guyana, Namibia, and\nSouth Africa. Eco aims to deliver material value for its stakeholders through\nits role in the energy transition to explore for low carbon intensity oil and\ngas in stable emerging markets close to infrastructure.\n\nIn Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates\na 100% Working Interest in the 1,354 km(2) Orinduik Block. In Namibia, the\nCompany holds Operatorship and an 85% Working Interest in three offshore\nPetroleum Licenses: PELs: 97, 99, and 100, representing a combined area of\n22,893 km(2) in the Walvis Basin which on completion of the farm-down to BP\nwill reduce to 25% in each licence. In Offshore South Africa, Eco holds a\n5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1\nCBK, in the Orange Basin, totalling approximately 37,510km(2).\n\nThis information is provided by RNS, the news service of the London Stock\nExchange. RNS is approved by the Financial Conduct Authority to act as a\nPrimary Information Provider in the United Kingdom. Terms and conditions\nrelating to the use and distribution of this information may apply. For\nfurther information, please contact rns@lseg.com or visit www.rns.com.\n\nSOURCE: Eco (Atlantic) Oil and Gas Ltd.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/oil-gas-and-energy/eco-atlantic-oil-and-gas-ltd.-announces-navitas-update-on-pl001-and-block-1-cbk-1211732)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nACSRz7qSa","title":"Eco (Atlantic) Oil and Gas Ltd. Announces Navitas Update on PL001 & Block 1 CBK","author":"ACCESSWIRE","ticker":"EOG","created":"2026-08-25T06:10:00.693Z","tickers":["EOG"],"exchange":"","article_body":"ECO (ATLANTIC) OIL & GAS LTD.\n\n(\"Eco,\" \"Eco Atlantic,\" \"Company,\" or together with its subsidiaries, the\n\"Group\")\n\nNavitas update on PL001 North Falklands Licence and Block 1 CBK offshore South\nAfrica\n\nTORONTO, ON / ACCESS Newswire (https://www.accessnewswire.com/) / August 25,\n2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG) (Toronto, Canada),\nthe oil and gas exploration company focused on the offshore Atlantic Margins,\nnotes the recent announcements from its strategic partner Navitas Petroleum LP\n(\"Navitas\") regarding assets in the Falkland Islands and South Africa.\n\nFalkland Islands\n\nAs per Navitas' Quarterly Report, announced on 24 August 2026, Navitas\n(subject to completion of its acquisition of PL001) intends to drill a\nmulti-target exploration well on PL001 during its development drilling\ncampaign in the North Falkland Basin, with part of the Sea Lion Project (NDA1)\ndrilling campaign expected to commence at the beginning of 2027.\n\nNavitas estimates that the first chosen drilling target on PL001 holds a 2U\nprospective resource of 640 million barrels of oil (\"MMbbl\"). Based on this\nestimate and pending completion of Eco's acquisition of JHI Associates, Inc.\n(\"JHI\"), Eco's share of the 2U prospective resource of PL001 will be\napproximately 225 MMbbl in the drilling success case. Navitas notes that in a\nsuccess case this target could be tied back to the Sea Lion platform.\n\nNavitas noted in its presentation there are several additional prospects that\nare not yet included in the resource reports. Eco will continue to update\nshareholders in due course, including updates on the completion of its\nacquisition of JHI, and any further updates from Navitas on the additional\nPL001 mapped prospects inclusion into the NSAI resource reports in due course.\n\nSouth Africa\n\nFollowing the announcement of its farm-in to Block 1 CBK offshore South Africa\nin May 2026, which is pending government approval, Navitas and Eco have been\nworking closely together to assess the scale of the block's prospective\nresource to assess its potential future development options for the acreage.\n\nThrough this process, and based on existing seismic data, Block 1 CBK is\nestimated to have unrisked prospective gas resources totaling approximately\n4.5 trillion cubic feet (\"TCF\") and >3,600 MMbbl. While additional seismic\ninterpretation will take place, the increased updates to Block 1 CBK's\nresources is a reflection not only of the quality of the acreage but also the\nsuccess of Eco and Navitas' ongoing technical work. The licence Joint Venture\npartners are awaiting the customary regulatory approvals, including approval\nof Navitas' Section 11 application, which is currently being reviewed by the\nrelevant authorities based on Navitas' regulatory-required technical and\nfinancial capabilities.\n\nGil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:\n\n\"Yesterday's updates from Navitas further support our ongoing cooperation in\nboth the Falkland Islands and South Africa, as well as in Guyana and\npotentially other projects. In the Falkland Islands, the resource estimate\nreleased by Navitas for the first drilling target on PL001 further underline\nthe quality and potential of the asset and reinforce our decision to increase\nEco's exposure to the licence through our acquisition of JHI, which we expect\nto complete once final approval is received from the Falkland Islands\nGovernment.\n\nAs evidenced by Navitas' updated resources for Block 1 CBK, South Africa has\nworld-class offshore oil and gas potential, with the capacity to strengthen\nenergy security, attract significant international investment and support jobs\nand economic growth. However, unlocking these benefits requires a clear,\nstable and efficient regulatory framework that gives investors the confidence\nto commit capital while maintaining rigorous environmental standards, as has\nbeen achieved by Eco in 2022 in the Orange Basin South Africa and in\nneighbouring Namibia.\"\n\nNavitas' filings can be accessed via the following link:\n\nhttps://maya.tase.co.il/en/companies/1688/reports\n\n**ENDS**\n\nFor more information, please visit www.ecooilandgas.com or contact the\nfollowing.\n\n Eco Atlantic Oil and Gas                                                                                     c/o Celicourt +44 (0) 20 7770 6424  \n Gil Holzman, President & Chief Executive Officer Alice Carroll, VP Business Development & Corporate Affairs                                      \n Strand Hanson (Financial & Nominated Adviser)                                                                +44 (0) 20 7409 3494                \n James Harris, James Bellman, Edward Foulkes                                                                                                      \n Canaccord Genuity (Joint Broker)                                                                             +44 (0) 20 7523 8000                \n Henry Fitzgerald-O'Connor, Rory Blundell, Charlie Hammond                                                                                        \n Berenberg (Joint Broker)                                                                                     +44 (0) 20 3207 7800                \n Matthew Armitt                                                                                                                                   \n Celicourt (PR)                                                                                               +44 (0) 20 7770 6424                \n Mark Antelme, Charles Denley-Myerson                                                                                                             \n\nAbout Eco Atlantic:\n\nEco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas\nexploration company with offshore license interests in Guyana, Namibia, and\nSouth Africa. Eco aims to deliver material value for its stakeholders through\nits role in the energy transition to explore for low carbon intensity oil and\ngas in stable emerging markets close to infrastructure.\n\nIn Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates\na 100% Working Interest in the 1,354 km(2) Orinduik Block. In Namibia, the\nCompany holds Operatorship and an 85% Working Interest in three offshore\nPetroleum Licenses: PELs: 97, 99, and 100, representing a combined area of\n22,893 km(2) in the Walvis Basin which on completion of the farm-down to BP\nwill reduce to 25% in each licence. In Offshore South Africa, Eco holds a\n5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1\nCBK, in the Orange Basin, totalling approximately 37,510km(2).\n\nThis information is provided by RNS, the news service of the London Stock\nExchange. RNS is approved by the Financial Conduct Authority to act as a\nPrimary Information Provider in the United Kingdom. Terms and conditions\nrelating to the use and distribution of this information may apply. For\nfurther information, please contact rns@lseg.com or visit www.rns.com.\n\nSOURCE: Eco (Atlantic) Oil and Gas Ltd.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/oil-gas-and-energy/eco-atlantic-oil-and-gas-ltd.-announces-navitas-update-on-pl001-and-block-1-cbk-1211732)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved."},"type":"article","timestamp":"2026-08-25T06:10:00.755353964Z","server_sent_at_ms":1787638200755},"received_at":"2026-08-25T06:10:00.806Z","source_url":"https://www.accessnewswire.com/newsroom/en/oil-gas-and-energy/eco-atlantic-oil-and-gas-ltd.-announces-navitas-update-on-pl001-and-block-1-cbk-1211732"},"analysis":{"id":"115516","press_release_id":"126577","analysis_json":{"industry":{"label":"Oil, Gas & Consumable Fuels","sector":"Energy"},"redFlags":["PL001 drilling is subject to completion of Navitas' acquisition","Block 1 CBK farm-in is pending government approval","Eco's increased PL001 exposure is subject to completion of JHI acquisition and Falklands Govt approval"],"eventType":"operations_update","narrative":"Strategic partner Navitas Petroleum intends to drill a multi-target exploration well on Eco's PL001 licence in the North Falkland Basin in early 2027, with the first target holding an estimated 640 MMbbl of prospective resource.\n\nPending completion of Eco's acquisition of JHI Associates, Eco's share of the PL001 prospective resource is estimated at approximately 225 MMbbl in a success case, with potential tie-back to the Sea Lion platform.\n\nIn South Africa, the Block 1 CBK joint venture estimates unrisked prospective resources of 4.5 TCF of gas and over 3,600 MMbbl of oil based on existing seismic data, pending regulatory approvals.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Navitas unlocks massive resource potential at Eco's PL001 and Block 1 CBK assets."},"keyFigures":{"customDimensions":{"block_1_cbk_gas_resources":"~4.5 TCF","block_1_cbk_oil_resources":">3,600 MMbbl","pl001_prospective_resource":"640 MMbbl","pl001_eco_share_prospective_resource":"~225 MMbbl"}},"quotedText":"Yesterday's updates from Navitas further support our ongoing cooperation in both the Falkland Islands and South Africa","namedEntities":{"people":[{"name":"Gil Holzman","role":"President and CEO"},{"name":"Alice Carroll","role":"VP Business Development & Corporate Affairs"}],"products":["PL001","Block 1 CBK","Orinduik Block","Sea Lion Project"],"companies":[{"name":"Navitas Petroleum LP","relationship":"strategic partner"},{"name":"JHI Associates, Inc.","relationship":"target of acquisition"},{"name":"Eco (Atlantic) Oil and Gas Ltd.","ticker":"EOG"},{"name":"Strand Hanson","relationship":"Financial & Nominated Adviser"},{"name":"Canaccord Genuity","relationship":"Joint Broker"},{"name":"Berenberg","relationship":"Joint Broker"},{"name":"BP","relationship":"partner"}],"dollarAmounts":[]},"materialImpact":{"score":3,"reasoning":"Strategic partner Navitas provided significant resource estimate updates for two key assets (PL001 and Block 1 CBK), materially increasing prospective resource figures. While still exploration stage, the scale of the estimates (640 MMbbl and >3.6 Bbbl) is material for a junior E&P company. The news drives visibility and validates the technical work."},"tickerRelevance":{"others":[],"primary":"EOG"},"globalImportance":20,"audienceRelevance":15,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"resource_estimate_upgrade","sectorWeight":"energy_exploration"}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"Strategic partner Navitas Petroleum intends to drill a multi-target exploration well on Eco's PL001 licence in the North Falkland Basin in early 2027, with the first target holding an estimated 640 MMbbl of prospective resource.\n\nPending completion of Eco's acquisition of JHI Associates, Eco's share of the PL001 prospective resource is estimated at approximately 225 MMbbl in a success case, with potential tie-back to the Sea Lion platform.\n\nIn South Africa, the Block 1 CBK joint venture estimates unrisked prospective resources of 4.5 TCF of gas and over 3,600 MMbbl of oil based on existing seismic data, pending regulatory approvals.","key_figures":{"customDimensions":{"block_1_cbk_gas_resources":"~4.5 TCF","block_1_cbk_oil_resources":">3,600 MMbbl","pl001_prospective_resource":"640 MMbbl","pl001_eco_share_prospective_resource":"~225 MMbbl"}},"named_entities":{"people":[{"name":"Gil Holzman","role":"President and CEO"},{"name":"Alice Carroll","role":"VP Business Development & Corporate Affairs"}],"products":["PL001","Block 1 CBK","Orinduik Block","Sea Lion Project"],"companies":[{"name":"Navitas Petroleum LP","relationship":"strategic partner"},{"name":"JHI Associates, Inc.","relationship":"target of acquisition"},{"name":"Eco (Atlantic) Oil and Gas Ltd.","ticker":"EOG"},{"name":"Strand Hanson","relationship":"Financial & Nominated Adviser"},{"name":"Canaccord Genuity","relationship":"Joint Broker"},{"name":"Berenberg","relationship":"Joint Broker"},{"name":"BP","relationship":"partner"}],"dollarAmounts":[]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-25T06:10:58.921Z","global_importance":20,"audience_relevance":15,"importance_components":{"tickerTier":"small-cap","eventGravity":"resource_estimate_upgrade","sectorWeight":"energy_exploration"}},"durationMs":58105,"modelName":"glm-4.7"}}