WINDHOEK, Namibia, August 26, 2026/APO Group/ —
Eco (Atlantic) Oil & Gas and its strategic partner Navitas Petroleum are highlighting the scale of South Africa’s offshore oil and gas potential following an updated assessment of resources at Block 1 CBK, with the African Energy Chamber (AEC) (https://EnergyChamber.org) supporting continued international investment in the country while calling for a regulatory environment that enables exploration and development to advance.
Navitas and Eco estimate that Block 1 CBK, located offshore South Africa in the Orange Basin, contains more than 3.6 billion barrels of unrisked prospective oil resources alongside approximately 4.5 trillion cubic feet of prospective gas resources. The estimates are based on existing seismic data, with additional interpretation expected as the partners continue assessing the acreage and its potential development options. The updated resource assessment follows Navitas’ decision to farm into Block 1 CBK in May 2026.
The Chamber welcomes the growing international interest in South Africa’s offshore resources, viewing projects such as Block 1 CBK as evidence of the investment potential emerging across the country’s frontier basins.
“South Africa has an opportunity to turn its offshore resource potential into investment, energy security, jobs and economic growth, and we support companies that are prepared to commit capital and technical expertise to that opportunity,” said NJ Ayuk, Executive Chairman of the AEC. “At the same time, investors need confidence that the regulatory environment will be clear, predictable and efficient. South Africa can attract significantly more exploration capital if it provides the certainty required to move projects forward while maintaining strong environmental standards.”
The latest Block 1 CBK update is part of a broader strategic relationship between Eco and Navitas spanning several Atlantic Margin opportunities. In the Falkland Islands, Navitas has identified a 2U prospective resource of approximately 640 million barrels of oil at its first selected drilling target on PL001 in the North Falkland Basin. Subject to completion of Eco’s acquisition of JHI Associates, Eco’s share of that resource would be approximately 225 million barrels in a drilling-success case.
Eco CEO Gil Holzman said Navitas’ updated assessment demonstrates the quality of Block 1 CBK and its potential to contribute to South Africa’s energy security, attract international capital and support economic growth. He also pointed to Eco’s experience in South Africa and neighboring Namibia, where the company has pursued offshore exploration opportunities.
Navitas intends to drill a multi-target exploration well on PL001 as part of its North Falkland Basin development drilling campaign, with drilling associated with the Sea Lion project expected to commence in early 2027.
For South Africa, the updated Block 1 CBK resource estimates reinforce the potential of the country’s offshore sector at a time when international investors are increasingly assessing opportunities across the Orange Basin and wider Atlantic Margin.
The AEC believes this momentum should be supported by an investment environment that provides the clarity and certainty needed to attract long-term capital. Unlocking South Africa’s offshore potential will require continued exploration, international investment and technical partnerships, alongside a stable and efficient regulatory framework that enables responsible projects to advance and deliver lasting economic value.