Westbridge Energy Corporation (TSXV:WEB) has announce that the Company has entered into a letter of intent with Ropat Petroleum Investments (PTY) Ltd. to acquire a majority interest in the oil and gas exploration in four new petroleum licenses offshore Namibia.
Highlights from press release:
- Westbridge and Ropat have signed a Petroleum Agreement dated February 1, 2013 with the Mining, Minerals and Energy Department of the Republic of Namibia in relation to the Licenses.
- Westbridge will be the Operator of the Licenses with a 75% interest.
- Ropat will have a 15% interest and the remaining 10% interest will be held by NAMCOR, the Namibian state oil company.
Get Our Expert Guide to Oil Investing FREE!Download this FREE Special Report, Oil Investing: Oil Price Forecast and Oil Deposits Around the World