Navitas Petroleum has signed a non-binding agreement to farm into an offshore exploration license in the North Falklands Basin adjacent to its recently sanctioned Sea Lion oil development…
Navitas Petroleum has signed a non-binding agreement to farm into an offshore exploration license in the North Falklands Basin adjacent to its recently sanctioned Sea Lion oil development, as the operator advances plans to expand its footprint in the region.
Eco (Atlantic) Oil & Gas said Navitas has entered into a non-binding memorandum of agreement with JHI Associates for a farm-in to acquire a 65% working interest in the PL001 licence, where Eco holds a 6.6% interest through its stake in JHI.
PL001 lies next to the Sea Lion oil field, which reached final investment decision in December after approval from both Navitas and partner Rockhopper Exploration, and follows regulatory approval of the field development plan by the Falkland Islands Government.
The PL001 license covers about 1,126 square kilometers in around 500 meters of water depth and contains what JHI estimates as 3.1 billion barrels of oil across multiple prospects and leads, according to Eco (Atlantic) Oil & Gas.
The acreage includes Lower Cretaceous prospects analogous to Sea Lion, including Tyche, Dinlas, Rhea, Chatham and Selene.
PL001 is set to enter an optional 10-year third exploration phase
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