Petroleum Africa
Find us on: 
Friday, June 28, 2013
Labat Africa Ltd. signed an agreement with Amicitia Holdings Ltd. which allows for it to acquire the entire issued share capital of Palatina Petroleum Ltd. for a price of $14 million. The acquisition, which is subject to the satisfactory completion of a due diligence exercise and the fulfillment of other conditions, will give Labat an 85% participating interest in a license issued by the government of Namibia to Palatina; Licenses 1909, 2009, and 2414 offshore the south African country.
The licenses in question cover over 25,000 sq km in the Walvis and Lüderitz basins. The acquisition will make Labat the third largest offshore acreage holder in Namibia, behind HRT and Chariot.
Labat said it is aggressively pursuing the opportunity to acquire an additional three licenses through Palatina, and is in the process of evaluating the prospect of another four leases offered by unrelated third parties.
“We are very excited about the opportunity,” said Labat CEO Brian Van Rooyen.
Labat, together with GEM, have entered into discussions with foreign players in exploring the possibility of farm-in agreements
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
