Windfire agrees to acquire oil blocks in Namibia

CANADIAN company Windfire Capital has signed a letter of intent, with DMiner Asset Management Inc. to acquire 91,5% of Riviera Mina, a company with oil prospecting rights off the coast of Namibia.

This was said in a statement issued by the company on Monday.

Riviera, which was incorporated in The Bahamas, indirectly owns a 76,5% interest in Petroleum Exploration Licence No. 0079 in relation to oil prospecting Blocks 2815 and 2915 off the coast of Namibia.

This is a strategically located off-shore petroleum exploration licence on which extensive technical studies have already been concluded, including 1137 square kilometres of 3D seismic testing in the Orange Basin of Namibia.

The remaining interest in the licence is held by the National Petroleum Corporation of Namibia (Namcor) and other Namibian partners.

Frans Indongo, a Namibian partner to the project and proposed director of Windfire, commented: “This transaction is expected to result in another major investment in the Namibian oil and gas sector and demonstrates the confidence that a globally respected company like Windfire and its management team has in the immense potential for discovering oil or additional gas in Namibia.

“We will work closely with our Canadian partners not only with the goal of finding oil in Namibia, but also in striving to ensure that we contribute to the advancement of the Namibian nation. Windfire brings capital expertise, leading technical experts with significant offshore discovery success, and a work programme to lead to oil development in our great country. With our international partners, Namibia is well positioned to realise its goal of energy independence.”

The letter of intent provides that, in consideration for the acquisition, Windfire will pay a non-refundable deposit of US$150 000 to DMiner, issue 15 000 000 common shares of Windfire to DMiner, and pay an additional US$850 000 to DMiner in connection with the closing of the acquisition.

Under the letter of intent, the parties have also agreed to deal exclusively with each other until 29 December 2017.