Eco (Atlantic) Oil & Gas Ltd (TSX-V:EOG, AIM:ECO) highlighted potential exposure to around 225mln barrels of prospective oil at the first selected drilling target on the PL001 licence in the North Falkland Basin, where partner Navitas Petroleum plans exploration drilling as part of its upcoming Sea Lion campaign.
Navitas estimates the target contains a 2U prospective resource of 640mln barrels. Eco's estimated 225mln-barrel share assumes completion of its acquisition of JHI Associates and a successful drilling outcome.
Navitas said a discovery could potentially be tied back to the Sea Lion platform.
The multi-target PL001 exploration well is expected to form part of Navitas's North Falkland development drilling programme, with part of the Sea Lion Project campaign scheduled to begin in early 2027.
Several additional PL001 prospects have also been mapped but are not yet included in resource reports.
Eco also highlighted an updated assessment of Block 1 CBK offshore South Africa, where existing seismic data indicate unrisked prospective resources of around 4.5 trillion cubic feet of gas and more than 3.6bn barrels of oil.
Navitas's farm-in remains subject to regulatory approval, while further seismic interpretation is planned.
