Universal Awarded Additional Blocks Offshore Namibia

Source: www.gulfoilandgas.com 5/17/2010, Location: Africa

Universal Power Corp. announced that it has been awarded a Petroleum Exploration Licence (“PEL”) for the offshore Namibian blocks 2813A, 2814B, and 2914A by the Ministry of Mines and Energy (“MME”) of the Republic of Namibia. Universal will have a 40% working interest in the blocks; HRT O&G Exploraço e Produço de Petróleo Ltd. (“HRT O&G”) will have a 40% working interest, and Acarus Investments (Proprietary) Ltd., will have a 20% participating interest. The designated operator of the blocks is HRT O&G.

“This award adds three strategically important blocks to our portfolio and is being done in partnership with HRT O&G, the world’s premier experts along the offshore South Atlantic margins,” said Mr. Gabriel Ollivier, President and CEO of Universal. “Given the extensive field work we have conducted in assessing the regional and lease-specific prospectivity of the Orange basin, securing blocks 2813A, 2814B, and 2914A is key to our regional land position, which now stands at over 42,000 square kilometers of contiguous acreage.”

Mr. Duane Parnham, Universal’s Chairman said, “These blocks add to our growing asset base with an agreement that enables us to partner with the company that predicted some of the world’s largest pre-salt oil discoveries. HRT O&G’s experience and expertise in techniques that maximize the probabilities of success materially adds to the likelihood that we will succeed in finding Namibia’s large offshore oil pools. In addition to mitigating exploration risk, Universal’s partnership with HRT O&G will significantly reduce our net risked capital exposure by sharing costs associated with the data acquisition and scientific work that will precede the drilling of any wells. HRT O&G also brings strategic relationships with many of the world’s major oil and gas companies that could lead to further partnering opportunities.”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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