Namibia issues trio of offshore blocks

Offshore staff

CALGARY, Alberta -- Namibia’s Ministry of Mines and Energy has awarded HRT O&G Exploração e Produção de Petróleo a Petroleum Exploration License for contiguous offshore blocks 2813A, 2814B, and 2914A.

HRT, as operator, and Universal Power Corp will each have a 40% working interest in the blocks, the remainder held by Acarus Investments (Proprietary).

The blocks span 15,382 sq km (5,939 sq mi), to the west and southwest of Tullow Oil’s undeveloped Kudu gas field in the Orange basin off southern Namibia. Universal also has 90% ownership of blocks 2713A and 2713B to the north and block 2815 to the east.

The license for the new permits is split into three phases. Phase 1 involves a four-year program of interpretation and mapping of existing 2D and 3D seismic data followed by new data acquisition. The partners also may employ techniques to complement the detailed satellite oil slick detection, geotechnical, and geochemical field work Universal has already commissioned in the Orange basin.

Estimated gross costs for the first four-year phase are S$8.5 million. Phases II and III are renewable for two years, with commitments for one well during each phase.

Gabriel Ollivier, president and CEO of Universal, says: “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 sq km (16,216 sq mi) of contiguous acreage.”

Chairman Duane Parnham adds: “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.”

05/18/2010



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