Navitas Petroleum has signed a non-binding memorandum of agreement to farm in to the PL001 licence in the North Falklands basin, a block located adjacent to the Sea Lion development.
The proposed transaction was signed with JHI Associates, which holds the licence and in which Eco Atlantic Oil & Gas has a 6.6% interest. Under the terms of the agreement, Navitas would acquire a 65% working interest in PL001, expanding its footprint in the South Atlantic basin.