Large oil companies interested in Westbridge’s Namibia blocks

Westbridge is continuing its recently initiated farm-down process of its interests in blocks 1811B, 1910A rel., 1911A rel., 1912B, and 2011A rel. offshore Namibia in the Walvis Basin.

 

Westbridge began the process in January 2014 and has partnered with EZ Dataroom, a provider of marketing and dataroom services to oil and gas firms. Westbridge says it has entered into confidential discussions with multiple parties and has received interest from notable large oil and gas companies.

Tosan Omatsola, President & CEO of Westbridge, said: “The recent activity in Namibia continues to confirm the potential for large oil and gas discoveries offshore Namibia. In parallel to the US assets Westbridge is developing with Black Pearl Holdings, LLC, the Namibian blocks Westbridge controls serve as undervalued exploration assets in which management seeks to unlock that value.

This is being achieved through an active evaluation of strategic alternatives, including pursuit of farm-in partnerships during this period of increased activity in Namibia. We look forward to the results from the upcoming Repsol well and updating shareholders as we advance our discussions with various potential farm-in partners.”

 

 

 March 12, 2014

 

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