Five oil and gas blocks in three of the four major basins offshore Namibia are at the centre of an acquisition agreement between Stamper Oil & Gas Corp. and BISP.
The blocks are in the Orange, Walvis, and Luderitz basins.
Block 2712A in the Orange basin is northwest of the prolific oil and gas discoveries of Rhino Resources, Galp Energia and TotalEnergies.
Blocks 2213, 2011B, and 2111A are located in the emerging Walvis basin, where Chevron plans to drill a well in 2026 or 2027.
Additionally, the company has Block 2614B in the southern portion of the Luderitz basin, north of the Kudu Gas Field, where drilling is expected to commence in 2025.
BISP is a British Columbia corporation that has agreed to acquire the oil and gas blocks and sell all its shares to Stamper Oil & Gas Corp.
The transaction will be completed by way of a three-cornered amalgamation, whereby, among other things: (i) Subco will amalgamate with BISP to form an amalgamated company; (ii) holders of ordinary shares in the capital of BISP, including BISP shares issued on conversion of subscription receipts will receive one post-split common share in the capital of the company for each BISP Share held and the BISP Shares will be cancelled; (iii); holders of share purchase warrants to acquire BISP Shares and BISP Finders Warrants will be issued warrants to purchase company shares in exchange and replacement for, and on an equivalent basis, such BISP warrants and BISP finders warrants, which will thereby be cancelled; and (iv) Amalco will become a wholly-owned subsidiary of the company.
Company shall assume all outstanding debt and contractual obligations of BISP.
Specifically, the company will assume approximately US$520,000 and C$907,000 in outstanding debt and payable obligations of BISP.
