Universal Signs LOI to Block 2815 Off-Shore Nambia

Source: www.gulfoilandgas.com 7/7/2009, Location: Africa

Universal Power Corp announced that it has entered into a Letter of Intent (“LOI”) dated July 07, 2009 to acquire an additional 60% interest in Petroleum Exploration Licence (“EL”) 2815 off–shore Namibia. Following completion of due diligence and TSX Venture Exchange (“TSX-V”) approval, the Company will pay $1,000,000 and issue 3,000,000 common shares of the Company for an additional 60% of Block 2815 and thus bringing its total interest to 90%.

Under the terms of the LOI, the Company will purchase from Limpet Investments (Proprietary) Limited (“Limpet”) 60% of the issued and outstanding common shares of Namibia Industrial Development Group (Pty) Ltd, (“NIDG”). NIDG has the oil and gas exploration licence to explore block number 2815 and the off-shore portions of blocks 2816 and 2915 Namibia, Africa. Limpet is a Namibian company controlled by Mr. Knowledge Katti, who is a director of the Company.

EL 2815 covers an area of about 10,858 square kilometers situated directly east of the proven Kudu Gas Field and slightly north of the Orange Basin, offshore Namibia. The block is located along the Namibian border with South Africa where there is a large market for natural gas and the planned development of a natural gas processing plant. The concession was previously owned by Chevron (Namibia) 40%, Shell Namibia 40% and Energy Africa Namibia 20%.

Historical work on block 2815 includes a modern seismic survey over approximately 50% of the block. The Company plans to evaluate the existing data and work towards attracting third parties to participate in drilling.


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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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