9 May 2025
Company eyes 48.5% interest in WestOil as part of strategic expansion in Namibia’s offshore energy sector.
Supernova Metals Corp. has entered into a non-binding letter of intent with Oregen Corp. to evaluate the potential acquisition of an additional 36% equity interest in WestOil Limited, the company announced May 4.
WestOil currently holds a 70% interest in Block 2712A, located offshore Namibia in the Orange Basin. Supernova Metals holds a 12.5% equity interest in WestOil through its subsidiary, NamLith Resources Corp.
Under the terms of the letter of intent, Supernova is considering the acquisition of all outstanding share capital of an affiliated company of Oregen that would own the 36% interest in WestOil. If completed, the deal would increase Supernova’s stake in WestOil to 48.5%.
Supernova completed its acquisition of NamLith Resources in January. In February, the company engaged 05 Management Ltd., based in the United Kingdom, and Pioneer Oil and Gas Consulting Ltd. to prepare a National Instrument 51-101 technical report on Block 2712A.
On April 11, Supernova announced the appointment of Stuart Munro as vice president of exploration. Munro will lead the company’s exploration initiatives in the Namibian Orange Basin.