Oil & gas exploration limited partnership.
Navitas already has an active cash engine in Shenandoah, but most of its value still depends on executing Sea Lion and managing the debt and capital envelope without losing flexibility.
In 2025 Shenandoah already generated a real operating base, but Navitas's profit line was shaped to an unusual degree by tax benefit while operating cash flow stayed tiny relative to both EBITDA and reported earnings.
PL001 turns Sea Lion from a single-project story into a possible regional platform, but as of the 2025 cycle it is still an option that deepens concentration around the same capital hub, the same FPSO and the same schedule.
The RBL turns Shenandoah from a potential cash source into a bank-managed cash path in which the key question is no longer how much EBITDA the field produces, but how much cash survives all the gates on the way up to the partnership.
