Eco (Atlantic) Oil & Gas Ltd. is in ongoing discussions with the Government of Guyana to continue appraisal and exploration activity on the Orinduik Block, after the block’s licence reached the end of its second renewal term on January 14, 2026.
The company, in an official release today (January 14), said the discussions are being held jointly with Navitas Petroleum LP and involve the Ministry of Natural Resources and the Guyana Geology and Mines Commission. Eco said Guyana’s Petroleum Act allows it to retain rights to the Jethro-1 and Joe-1 discoveries while its submitted appraisal programme is under review.
Eco said the engagement forms part of the normal regulatory process and is aimed at agreeing on an appraisal and new exploration work programme that meets national objectives and shareholder expectations. The company said it will update the market as discussions progress.
“We continue to engage constructively with the Government of Guyana and our partners as we work through the next phase of our exploration and appraisal work in the basin,” Gil Holzman, President and Chief Executive Officer of Eco Atlantic, said. “Our focus remains on preserving access to existing discoveries, progressing appraisal activity, and evaluating opportunities to enhance the Block configuration in a manner that is aligned with both shareholders’ values and as importantly Guyana’s government national objectives.”
Eco’s update follows a previously announced farm-in arrangement under which Navitas agreed to pay up to US$8.5 million for options to enter offshore licences in Guyana and South Africa. Navitas has already agreed to pay US$2 million for exclusive options over the Orinduik Block and Block 1 in South Africa’s Orange Basin. However, no formal announcement to this effect has yet been made.
Under the Guyana option, Navitas may pay a further US$2.5 million within 12 months to acquire an 80% working interest and operatorship of Orinduik, subject to regulatory approval. Navitas would then carry Eco’s remaining 20% interest for up to US$11 million in exploration spending, excluding mobilization costs. The proposed work could include drilling a new exploration well or appraising the Jethro-1 and Joe-1 heavy oil discoveries made in 2019.
Eco has said the partnership brings technical capability and financial backing to advance the block toward potential commercialization. Holzman previously said joint visits to Guyana would help finalize appraisal and exploration plans.
Former partners in the Orinduik Block included Tullow Oil, TotalEnergies and QatarEnergy, which exited the licence between 2023 and 2024.
