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Westbridge Energy Corporation (TSXV:WEB) announced that it has been given an extension to close the acquisition Ropat Petroleum Investments to acquire a majority interest in its oil exploration blocks and is on track to close the deal on or before May 15, 2013.
Westbridge Energy Corporation (TSXV:WEB) announced that it has been given an extension to close the acquisition Ropat Petroleum Investments to acquire a majority interest in its oil exploration blocks and is on track to close the deal on or before May 15, 2013.
As quoted in the press release:
Westbridge required more time to close the Transaction due to the significant amount of data available on the Licenses. The Licenses currently include over 11,000 line km of existing new (2012) and historic (1990′s) 2D seismic data, which is the one of the largest 2D seismic data packages held by one company in offshore Namibia. Over 35% of the seismic lines are world-class 2D, spec data acquired by TGS in 2012. Also on the Licenses are two wells previously drilled by NorskHydro (now Statoil of Norway) in 1993 and 1995 respectively, of which one of the wells (1911-15), contains oil shows in an early to mid Cretaceous aged carbonate sequence in a rifted mini-basin.
Click here to read the full Westbridge Energy Corporation (TSXV:WEB) press release.
