Westbridge Energy (WEB-V) acquires 75% interest in Namibia blocks
www.westbridgeweb.com
June 26, 2013 - News Release
Westbridge Energy Corp. completed the previously announced acquisition of a 75-per-cent interest with Ropat Petroleum Investments (Pty.) Ltd. in the oil and gas exploration blocks 1910A Relinquished, 1911A Relinquished, 1912B and 2011A Relinquished offshore Namibia on June 25, 2013. The Transaction increases Westbridge's total contiguous acreage in the Walvis Basin, offshore Namibia by 284% to 22,484 square kilometers. "Namibia is experiencing a resurgence of interest from major oil companies and junior explorers alike with near term, multiple drilling campaigns proximate to Westbridge's blocks. This acquisition positions Westbridge as the second largest acreage holder in the now proven, oil prone, Walvis Basin," stated Tosan Omatsola, CEO of Westbridge Energy. "The Licenses are an extension to our existing Block 1811B and more importantly contain oil shows in the 1911/15-1 well drilled on the Licenses in 1994. Westbridge's 5 Blocks are approximately 180 kilometers north of the recent technical discovery in the Walvis Basin by a Brazilian independent oil company, which demonstrates a potentially extensive and working petroleum system between the 2 wells."
Following the close of the Transaction, Westbridge will be the operator of the Licenses with a 75% interest. Ropat will have a 15% carried interest and the remaining 10% will be a carried interest held by NAMCOR, the Namibian state oil company. Ropat is a private oil and gas company incorporated in Namibia. |
