Westbridge Energy Corporation Receives Extension on ROPAT Acquisition; on Track to Close the Transaction by or Before May 15, 2013
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/11/13 -- Westbridge Energy Corporation (TSX VENTURE: WEB)(FRANKFURT: PUQ1) ("Westbridge") announces it has received an extension on the timeframe to close the acquisition with Ropat Petroleum Investments (PTY) Ltd. ("Ropat") to acquire a majority interest in the oil and gas exploration blocks 1911A relinquished, 1912B, 1910A relinquished and 2011A relinquished (the "Licenses") offshore Namibia (the "Transaction"). The Transaction was previously announced on February 6, 2013 .
Westbridge required more time to close the Transaction due to the significant amount of data available on the Licenses. The Licenses currently include over 11,000 line km of existing new (2012) and historic (1990's) 2D seismic data, which is the one of the largest 2D seismic data packages held by one company in offshore Namibia. Over 35% of the seismic lines are world-class 2D, spec data acquired by TGS in 2012. Also on the Licenses are two wells previously drilled by NorskHydro (now Statoil of Norway) in 1993 and 1995 respectively, of which one of the wells (1911-15), contains oil shows in an early to mid Cretaceous aged carbonate sequence in a rifted mini-basin.
Ropat is a private oil and gas company incorporated in Namibia. Ropat and Westbridge with NAMCOR, the Namibian state oil company signed a Petroleum Agreement covering the Licenses on February 1st 2013. Ropat and Westbridge continue to work together to consummate the Transaction. Upon completion of the Transaction, Westbridge will be the operator of the Licenses with a 75% interest. Ropat will have a 15% interest and the remaining 10% interest will be held by NAMCOR. NAMCOR's interest will be a carried interest with certain back-in rights for the Licenses.
About Westbridge
Westbridge Energy Corporation is an international oil and gas exploration and development company with a robust portfolio of oil and gas licenses in the vastly under-explored and highly prospective Walvis basin, Offshore Namibia. Westbridge continuously reviews accretive new international oil and gas opportunities to grow its portfolio and create shareholder value.
For additional information readers are invited to review additional corporate and property information available on SEDAR at .
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "schedule", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the Company s future operations and prospects. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning equipment and crew availability, and joint venture partner financial capability. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labor, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by the Company with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Westbridge Energy Corporation
Tosan Omatsola
President and CEO
+1-(604) 638-9378
Investor Relations:
MZ Group
Derek Gradwell SVP, Natural Resources
+1-949-259-4995
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 11.04.2013 - 12:00 Uhr
Sprache: Deutsch
News-ID 248118
Anzahl Zeichen: 4175
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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