Supernova Metals Corp., soon to be renamed Oregen Energy Corp., will increase its shareholding in WestOil from 12.5% to 48.5% after acquiring Oram Energy’s 36% shares for N$32 million (US$1.8 million).
WestOil Limited has a 70% interest in block 2712A offshore Namibia, Orange Basin.
The additional 36% equity interest in WestOil represents a 25.2% net working interest in Block 2712A, thereby increasing the company’s total net working interest to 33.95% and gaining WestOil and Block 2712A operatorship.
WestOil’s Block 2712A is directly adjacent to Chevron and Shell-operated licenses in the heart of the Orange Basin at a water depth of 2,800–3,900 metres and sits within a proven deepwater petroleum system.
Supernova Metals Corp., which acquired an initial 8.75% interest in Block 2712A in January 2025, is one of the few small-cap publicly traded companies directly exposed to Orange Basin deepwater assets.
The company is actively securing interests in additional offshore blocks and late-stage discussions on multiple other opportunities in the Orange Basin, the Walvis Basin, and the Luderitz Basin of offshore Namibia.
A farm-out process will be launched in 2026, targeting major partners, with a structure expected to include upfront cash and carried interest on seismic and initial exploration wells.
An independent technical report is expected this May, and a new seismic study will be acquired during Q4 2025.
A farm-out process will start in 2026, with drilling set for late 2026/2027.
