WESTBRIDGE Energy Corporation plans to acquire rights to a prospective Namibian offshore oil property in a share-and-cash deal, valued at US$5 million.
Vancouver-based Westbridge said in a media statement this week that under the terms of the deal, it will acquire the shares of privately-held Kayuco Universal in return for ten million Westbridge shares at a deemed value of 20 cents a share, and US$3 million in cash.Kayuco’s main asset is an 80 per cent interest in an oil and gas petroleum exploration licence to explore within block number 1811B, which is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola.The remaining 20 per cent stake is a carried interest with certain back-in rights held by the Namibia Petroleum Corporation (Namcor) and Namibian economic empowerment group Lunganda Trading Enterprise.Kayuco’s interest in Block 1811B covers an area of approximately 5 854 square kilometres, and is situated directly south of the current drilling activity of Chariot Oil and Gas Limited, an exploration company that is listed on the AIM exchange in London. – Nampa
