Namibia

Universal Power Corp., Vancouver, BC, plans to buy a further 60% interest in 10,858 sq km Block 2815 off southwestern Namibia, bringing its interest to 90%.

By OGJ editors
HOUSTON, July 8
– Universal Power Corp., Vancouver, BC, plans to buy a further 60% interest in 10,858 sq km Block 2815 off southwestern Namibia, bringing its interest to 90%.

Universal Power will buy from Limpet Investments (Pty.) Ltd. of Namibia 60% of the stock of Namibia Industrial Development Group (Pty.) Ltd., which owns the license to Block 2815 and the offshore parts of blocks 2816 and 2915. Block 2815 is just east of undeveloped Kudu field, a 1974 dry gas discovery in Lower Cretaceous sandstones at 4,300 m.

Universal Power also let a contract to HRT Petroleum, Rio de Janeiro, to collect and analyze all existing data on blocks 2713A and 2815 and to source potential farmout partners.

Kunene Energy (Pty.) Ltd., Universal Power’s 90% owned subsidiary, owns Block 2713A. Universal Power has a 30% carried interest in Block 2815 through Cumoxi Investments (Pty.) Ltd., a 100% owned subsidiary.

Block 2713A adjoins Block 2714A, owned by Enigma Oil & Gas (Pty.) Ltd. Petroleo Brasileiro SA took a farmout in May 2009 to earn a 50% interest in Block 2714A.

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