Westbridge Energy Corp
. (TSX: V.WEB
) said that it has completed the previously announced acquisition of a 75% interest with Ropat Petroleum Investments (PTY) Ltd
., a private oil and gas company, in the oil and gas exploration blocks 1910A Relinquished, 1911A Relinquished, 1912B and 2011A Relinquished offshore Namibia.
The transaction increases Westbridge's total contiguous acreage in the Walvis Basin, offshore Namibia to 22,484 square kilometers.
According to the Westbridge Energy press release, following the close of the transaction, Westbridge will be the operator of the licenses with a 75% interest.
Ropat will have a 15% carried interest and the remaining 10% will be a carried interest held by NAMCOR, the Namibian state oil company.
Westbridge is an international oil and gas exploration and development company with a robust portfolio of oil and gas licenses in the vastly underexplored and highly prospective, oil prone Walvis Basin, offshore Namibia
On Wednesday, Westbridge was trading at $0.13 a share. The company had a market cap of $10.3 million, based on 79.5 million shares outstanding.