Core Viewpoint - Eco Atlantic has formed a strategic offshore exploration partnership with Navitas Petroleum, allowing Navitas to acquire significant stakes in exploration blocks in Guyana and South Africa [1] Group 1: Partnership Details - Navitas will pay $2 million to Eco Atlantic for farm-in options on the Orinduik block in Guyana and Block 1 CBK in South Africa [1] - In Guyana, Navitas can acquire an 80% operating stake in the Orinduik block by paying an additional $2.5 million within 12 months, reducing Eco Atlantic's interest to 20% [2] - Navitas will carry Eco Atlantic's interest in the Orinduik work programme, capped at $11 million (C$15.35 million) net to Eco Atlantic, excluding mobilization costs [3] Group 2: South Africa Block Details - For Block 1 CBK in South Africa, Navitas has six months to secure up to a 47.5% operating stake by paying $4 million, and will carry Eco Atlantic's share of the exploration programme [3] - Eco Atlantic has the option to acquire an additional 20% interest in Block 1 CBK through a separate agreement with local partner OrangeBasin Energies (OBE), with Navitas holding the right to buy 50% of this option until February 2028 [4] Group 3: Financial Commitments - If Eco Atlantic exercises its option, it will pay $500,000 (R8.48 million) to OBE, followed by further payments of $500,000 and $3.8 million upon completion [5] - If both companies exercise their options, OBE will have a 5% carried interest for a work programme that may include drilling up to two contingent exploration wells [5] Group 4: Additional Opportunities - If Eco Atlantic holds a 47.5% stake in Block 1 CBK, it will be carried by Navitas for a work programme valued up to $7.5 million [6] - Navitas also has the option to acquire a minimum 25% of Eco Atlantic's interests in its upstream portfolio, including Petroleum Exploration Licences (PEL) 97, 99, and 100 in the Walvis basin, offshore Namibia, and a minimum of a 25% interest in operator Azinam, which holds licences for Block 3B/4B offshore South Africa [7]