Westbridge completes acquisition of offshore Namibia licenses

Image source: Westbridge Energy Corporation.Image source: Westbridge Energy Corporation.Westbridge Energy Corporation has completed the acquisition of a 75 per cent interest with Ropat Petroleum Investments in four oil and gas exploration blocks offshore Namibia

The acquisition of the 1910A Relinquished, 1911A Relinquished, 1912B and 2011A Relinquished blocks means that Westbridge's total contiguous acreage in the Walvis Basin has now increased by 284 per cent 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," said Tosan Omatsola, CEO of Westbridge Energy.  "This acquisition positions Westbridge as the second largest acreage holder in the now proven, oil prone, Walvis Basin."

"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."

Westbridge will now be the operator of the licenses with a 75 per cent interest. Ropat will have a 15 per cent carried interest and the remaining 10 per cent will be a carried interest held by NAMCOR, the Namibian state oil company.

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