Navitas Petroleum to acquire interest in North Falkland basin

The company signed a farm-in deal to acquire a majority share in the PL001 license offshore the Falkland Islands, adjacent to its Sea Lion project.

March 2, 2026

Navitas Petroleum LP will acquire 65% working interest in the PL001 North Falkland basin license after signing a definitive farm-in agreement with JHI Associates Inc.

PL001 is adjacent to the Navitas-operated Sea Lion Development and covers 1,126 sq km in about 500 m of water. The license contains significant exploration potential, with JHI's Best Estimate of 3.1 billion bbl across multiple prospects and leads, including multiple Lower Cretaceous prospects analogous to Sea Lion field, Eco (Atlantic) Oil & Gas Ltd. said in a release.

Eco (Atlantic) holds 6.6% interest in JHI.