Petroleum Africa
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Friday, June 28, 2013
Westbridge Energy Corp. completed its previously announced acquisition of a 75% interest with Ropat Petroleum Investments (PTY) Ltd. in blocks 1910A Relinquished, 1911A Relinquished, 1912B, and 2011A Relinquished offshore Namibia. The transaction increases Westbridge’s total contiguous acreage in the Walvis Basin, offshore Namibia, by 284% to 22,484 sq km.
“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 five Blocks are approximately 180 km 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 two 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.
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