Westbridge Energy has announced that it has acquired a majority stake in oil and gas exploration blocks 1911A, 1912B, 1910A and 2011A offshore Namibia
Westbridge Energy and Ropat Petroleum, a private oil and gas company incorporated in Namibia, signed a petroleum agreement on 1 February 2013 with the Nambian mining, minerals and energy department in relation to the licenses.
The licenses are situated in the Walvis Basin in northern Namibia, close to the Namibia-Angola border.
Westbridge CEO Cody Lee said, “These new licenses represent a complementary geologic extension of Westbridge’s existing asset base and hold a lot of discovery potential. The acquisition of these licenses validates our selection of the contiguous position of Block 1811B where we have an 80 per cent working interest. Furthermore, this transaction demonstrates Westbridge’s ability to leverage our strong local partnerships to acquire world-class assets.”
Upon completion of the transaction, Westbridge will be the operator of the licenses with a 75 per cent interest. Ropat will have a 15 per cent interest and the remaining 10 per cent interest will be held by Namibian state oil company NAMCOR.
Westbridge and Ropat have agreed to enter into a definitive agreement in relation to the transaction on or before 28 February 2013.
The acquisition of the licenses will increase Westbridge’s existing areal coverage in offshore Namibia from 5,854 sq km to a total of 21,448 sq km.
