VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 11, 2014) - Westbridge Energy Corporation (TSX VENTURE:WEB)(PINKSHEETS:WEGYF)(FRANKFURT:PUQ1) ("Westbridge" or the "Company") is pleased to provide an update with respect to the recent events in the offshore region of Namibia. This increased level of activity includes the entry of multiple large oil and gas companies as well as the arrival of the drillship set to spud an upcoming well to be drilled by Repsol of Spain. These events reaffirm the highly prospective nature of offshore Namibia, an international exploration frontier for companies targeting billion barrel discoveries.
Shell Acquires Blocks from Signet Petroleum
Shell recently announced it acquired 2913A and 2914B in the Orange Basin, offshore Namibia from Signet Petroleum. Shell acquired a 90% interest with NAMCOR retaining a 10% interest. Shell has publicly stated its plans to drill one or possibly two exploration wells near the Namibian Kudu gas field, currently operated by Tullow. In a recent press conference, Shell announced that it expects to make a final investment decision and bring a rig on site by the end of 2014. Shell has been active south of the Namibian / South African maritime boarder in the Orange Basin.
OMV and Murphy Oil Farm Into Cowan Oil and Gas' Blocks
OMV and Murphy Oil announced a farm-in arrangement with Cowan Oil and Gas, involving blocks 2613A and 2613B. OMV will receive a 20% interest in the blocks with Murphy Oil receiving a 45% interest and assuming operatorship. NAMCOR will retain a 15% interest. The transaction will help fund exploration activities including the acquisition, processing, and interpretation of 2D and 3D seismic data.
Arrival of Drillship
Tower Resources announced that the Rowan Renaissance drillship arrived in the Walvis Basin, Namibia on Tuesday, March 4th. The drillship is undergoing final acceptance testing by Repsol of Spain. Operations are expected to commence on the Welwitschia-1 well around April 11th. This well will be drilled directly adjacent to acreage currently held by Westbridge and represents a significant upcoming catalyst.
Westbridge Continues Namibian Assets Farm-Down Process
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 has entered into confidential discussions with multiple parties and has received interest from notable large oil and gas companies.
Board and Management Commentary
Mr. Tosan Omatsola, President & CEO of Westbridge, comments: "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."
For additional information readers are invited to review additional corporate and property information available at Westbridge's website at:
On behalf of Westbridge Energy Corporation,
Tosan Omatsola, President and Chief Executive Officer
Peter Henry, Director
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