Israel’s Navitas Petroleum has brought into its fold a stake in a block off the coast of South Africa through a deal with Eco (Atlantic) Oil & Gas, an AIM-listed and Canada-headquartered oil and gas company focused on the Atlantic Margin.
Navitas has confirmed the completion of the acquisition of a 37.5% working interest in Block 1 CBK offshore South Africa, following receipt of the required regulatory approval. The transaction enables the firm’s subsidiary, Navitas Petroleum Africa, to hold a 37.5% working interest in the block and serve as its operator.
Gil Holzman , Eco’s President and CEO, commented: “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.” According to the company, the completion marks another step in the execution of the Navitas 2.0 strategy, expanding exploration portfolio into a new geography while maintaining a selective and disciplined approach to growth. This acquisition also extends the firm’s collaboration with Eco Atlantic Oil & Gas into South Africa, bringing together complementary experience and capabilities as the partners work to advance the exploration potential of Block 1 CBK. Navitas underlined: “We look forward to working with Eco Atlantic and OrangeBasin Energies as we move forward with the block.”
The company continues to boost its portfolio, as illustrated by the expansion of its South Atlantic footprint through a deal to acquire a 65% stake in the PL001 North Falkland Basin licence.
The firm is continuing to develop its Sea Lion project in the Falkland Islands, following a final investment decision (FID) in December 2025.