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Westbridge Energy Corp. has closed its transaction to acquire 100% of the issued and outstanding shares in the capital of Kayuco Universal Ltd.
Kayuco’s principal asset is an 80% interest in an oil and gas petroleum exploration license granted by the Ministry of Mines and Energy of the Republic of Namibia to explore within block number 1811B offshore Namibia, Africa.
Block 1811B is situated in the Namibe Basin off the northern coast of Namibia along the international boundary with Angola. Kayuco's interest in Block 1811B covers an area of approximately 1.4 million acres (5,854 sq km). The remaining 20% interest is a carried interest with certain back in rights held by NAMCOR and Lunganda Trading Enterprise.
Cody Lee, Westbridge's president, commented, "Block 1811B gives us a stake in the highly prospective Namibian offshore play that is geologically analogous to both Brazilian discoveries by Petrobras and Statoil and Angolan discoveries by Cobalt. Moreover, the timing and speed of this deal's completion demonstrates Westbridge's capability to execute on its strategy to aggregate prospective opportunities in the growing African emerging resource."