AEC Hails Eco–Navitas Partnership as Boost for Orange Basin and African Upstream

The Orange Basin continues to draw global attention following large-scale discoveries offshore Namibia and revived traction offshore South Africa.

The African Energy Chamber (AEC) has endorsed the newly announced Strategic Partnership between Eco Atlantic and Navitas Petroleum, calling it a major catalyst for revitalising offshore exploration across Southern Africa. The agreements, signed on 3 December 2025, are expected to strengthen investor confidence in some of the continent’s most promising hydrocarbon frontiers, particularly South Africa’s Orange Basin.

A High-Impact Partnership Anchored in Capital, Capability and Long-Term Vision

Navitas has made an initial payment of $2 million, securing exclusive farm-in options for:

• Block 1 CBK offshore South Africa

• Orinduik Block offshore Guyana

This underscores the strategic breadth of the alliance, which positions both companies for multi-basin growth.

At Block 1 CBK, Eco currently holds a 75% operated interest through its subsidiary Azinam South Africa. Under the agreement:

• Navitas may exercise a $4 million option within six months

• Upon exercising, Navitas would assume operatorship

• It could secure up to a 47.5% working interest

• Eco would receive a $15 million gross carry, covering the full exploration work program

Orange Basin: One of the World’s Most Coveted Frontiers

The Orange Basin continues to draw global attention following large-scale discoveries offshore Namibia and revived traction offshore South Africa. While investor appetite is strong, early-stage exploration still requires companies with:

• Deep operational expertise

• Strong balance sheets

• A willingness to undertake significant technical work and risk

According to the AEC, Navitas’ entry reflects renewed confidence in the basin’s long-term potential.

AEC: “A Strong Vote of Confidence in South Africa’s Upstream Future”

AEC Executive Chairman NJ Ayuk praised the partnership, stating:

“Eco Atlantic has been a committed explorer for more than a decade, and Navitas brings technical excellence and financial capacity. This is the kind of bold, well-funded collaboration Africa needs to unlock upstream opportunities.”

A Multi-Asset Commitment Across Africa

Beyond Block 1 CBK, the agreement includes optional pathways for Navitas to participate in Eco’s wider African portfolio, including up to:

• 25% stakes in Namibia’s PEL97, PEL99, PEL100

• Participation in Block 3B/4B offshore South Africa

This multi-license alignment reflects a long-term, multi-country commitment, ensuring that exploration momentum is diversified and sustained.

Supporting South Africa’s Energy Security Goals

The timing of the partnership is crucial. South Africa is working to:

• Reduce dependence on imported fuels

• Stabilise its electricity supply

• Build domestic energy value chains

• Develop a globally competitive upstream sector

Accelerated exploration activity is essential to achieving these aims. The AEC has repeatedly highlighted that South Africa must convert promising geology into producing assets, and collaborations like Eco–Navitas offer a pathway to do so.

Financial Structure Encourages Broader Participation

The Chamber also welcomed the carry mechanisms built into the collaboration. Eco’s carry under both the CBK and Orinduik options allows smaller independents to participate in high-impact drilling without shouldering disproportionate risk.

The AEC says such financial models:

• Lower barriers to entry

• Encourage portfolio diversification

• Strengthen Africa’s competitiveness in global upstream markets

A Boost for Regional Exploration Leadership

Eco Atlantic’s leadership, including CEO Gil Holzman, has consistently championed African frontier exploration. With Navitas poised to take on operatorship roles, the Orange Basin adds another technically robust and investment-ready player.

The AEC urged swift regulatory facilitation to ensure exploration timelines remain on track, saying Africa’s energy future depends on:

• Ambitious, well-financed exploration programs

• Strategic partnerships

• Clear, investor-friendly governance

The Eco–Navitas partnership, the Chamber said, embodies all three.