Navitas Petroleum has recently taken over the management of Block 1 CBK in the waters off South Africa. This block was transferred to the company following legal approvals and the completion of the process to transfer 37.5% of Eco (Atlantic) Oil & Gas's stake to Navitas. Block 1 CBK, covering an area of 19,929 square kilometers in the South African portion of the Orange Basin, is adjacent to Namibia, which has led to multiple oil discoveries in the area, especially in recent years.
Details of Collaboration and Available Resources
Navitas now holds 37.5% of the shares in Block 1 CBK, while Eco also holds 37.5% and local partner OrangeBasin Energies holds 25% of the shares. In exchange for this transfer, Eco received $4 million in cash, and Navitas has committed to fund up to $7.5 million of its share for Eco's work programs.
Read more: Goldman Sachs Predicts China's Oil Imports Will Remain Limited
Surveys conducted in August 2026 by Eco and Navitas estimate over 3.6 billion barrels of oil resources and about 4.5 trillion cubic feet of gas resources in this block. Additionally, three old wells have confirmed gas discoveries with flow rates of approximately 32.4 million cubic feet per day.
Future Plans and Investment Opportunities
The project partners are still interpreting and processing seismic data to identify potential drilling opportunities and targets. Planned work programs include drilling two exploratory wells.
NJ Ayuk, CEO of the African Energy Chamber, stated: "South Africa has the opportunity to transform its offshore resource potential into investment, energy security, employment, and economic growth. Partnerships that combine international investment and technical expertise with local participation can help develop these resources."
An available option involving OrangeBasin Energies could change the ownership structure. If this option is fully executed and Navitas purchases half of the additional stake, both Eco and Navitas will hold 47.5% of the shares, while OrangeBasin Energies will retain only 5% of the shares.
