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Friday, October 18, 2013
Westbridge Energy Corp. issued the results of an electro-magnetic (EM) feasibility and modeling study conducted by PetroMarker ASA on its concession offshore Namibia.
The feasibility study was contracted to confirm that an EM survey would be applicable for the Namibian acreage. PetroMarker ran several EM analysis scenarios based on multiple resistive models. The study concludes the probability of detecting the Paleogene-Neogene aged reservoirs (depth to target around 3,200 meters) is quite high.
These reservoirs are comparable in age to discoveries in Angola and Brazil. The EM survey will significantly improve the prospectivity of Westbridge’s acreage when used in combination with other technical tools and will allow for the detection of hydrocarbon filled structures when present.
The company also reported that it has been actively sourcing and evaluating opportunities including, but not limited to, the potential farm-down of its Namibian acreage and the acquisition of assets to diversify its portfolio by adding current and near-term production.
Westbridge is currently the second largest acreage holder in the Walvis Basin, the only basin in Namibia with proven oil prone source rocks that generate light sweet crude oil as recently evidenced by the Wingat-1 well drilled by HRT. The acreage was previously drilled by Norsk Hydro (now Statoil of Norway) and contains the same source rocks identified in the HRT well.
Westbridge’s licenses are up dip and adjacent to the northwest corner of the blocks Tullow Oil Plc recently farmed and also borders the eastern limit of the license Repsol SA intends to drill in February. The company believes these characteristics uniquely position the licenses for potential partners compared to other blocks in the region.
In tandem with the objective to source a world-class partner for Namibia, the management team has been actively reviewing multiple opportunities to provide investor’s exposure to advanced stage assets.
Tosan Omatsola, president and CEO of Westbridge, comments: “The results of the EM feasibility study conducted by PetroMarker further affirm the potential for leading edge technologies to be applied to de-risk our acreage in Namibia. The results show this technology is capable of identifying hydrocarbon accumulations comparable to notable discoveries in Angola and Brazil.”
“Our team has also been actively advancing our stated mandate to create shareholder value through joint ventures and acquisitions. These processes are being managed by both our management and board, which collectively have accumulated over 100 years of financial experience and relationships,” Omatsola commented further.
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