6 May 2025
Proposed acquisition would boost Supernova’s interest in offshore Block 2712A to 48.5%, pending approvals.
Supernova Metals Corp. has signed a non-binding letter of intent with Orogen Corp. to potentially acquire an additional 36% interest in WestOil Ltd., which holds a significant stake in Block 2712A in Namibia's offshore Orange Basin.
If completed, the transaction would raise Supernova’s interest in WestOil to 48.5%, potentially strengthening the company’s presence in the offshore energy sector. The proposed acquisition remains subject to various conditions, including due diligence and regulatory approvals.
Supernova Metals, an energy and resource exploration company, is considered a high-risk investment due to its financial challenges, including a lack of revenue and ongoing losses. While recent corporate developments and technical indicators offer some optimism, these are tempered by persistent financial and valuation concerns.
The company is also exploring a rare earth project in Labrador and currently holds an 8.75% indirect ownership stake in Block 2712A.