Westbridge Energy Comments on Walvis Basin Activity
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/22/13 -- Westbridge Energy Corporation (TSX VENTURE: WEB)(FRANKFURT: PUQ1) ("Westbridge") commented today on data and recent drilling results from the Wingat well, in the Walvis Basin, offshore Namibia, and the insight it provides Westbridge regarding its licenses in the Walvis Basin.
May 20th, 2013 this week the results from drilling Wingat-1 were announced by a Brazilian exploration company. The well confirmed the presence of two different source rocks, both of which are in the oil generation window and recovered light oil in the range of 38 degrees - 42 degrees API.
"We believe the results of the Wingat well are quite positive for license holders in the Walvis Basin. The results demonstrate that the petroleum generating system in the basin is working. It also corroborates the residual oil shows and high TOC readings in the 1911/15-1 well drilled in 1994 on the license currently being acquired by Westbridge" stated Westbridge's CEO, Tosan Omatsola. "The Wingat well results establish a working hypothesis for multiple source rocks over a 200 kilometer span of the basin beginning in our licenses and ending at the Wingat well location."
Westbridge's initial technical analysis indicates the residual oil shows in its 1911 well (pending acquisition) migrated from a mature, high-API oil source(s). This information establishes the Walvis Basin as the oil prone basin in Namibia. By mid-2014 there is expected to be 4 new wells drilled by others in offshore Namibia, 3 of which will be in the Walvis Basin. These wells are expected to provide Westbridge with new information and data points to grade its highly prospective acreage.
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 underexplored and highly prospective Walvis Basin, offshore Namibia. The licenses cover five blocks (1811B, 1911A rel, 1912B, 1910A rel and 2011A rel), which cover over 21,448 square kilometers and contain over 10,000 line kilometers of high quality 2D seismic data. Westbridge is Operator of the licenses and has an 80% working interest in 1811b and a 75% working interest in the remaining four licenses.
For additional information readers are invited to review additional corporate and property information available on SEDAR at and Westbridge's website 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.
Contacts:
Westbridge Energy Corporation
Tosan Omatsola
President and CEO
MZ Group - Investor Relations
Derek Gradwell
SVP, Natural Resources
949-259-4995
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Datum: 22.05.2013 - 17:25 Uhr
Sprache: Deutsch
News-ID 262640
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