Oregen Energy Corp. has increased its holdings in Namibia’s offshore Orange Basin by acquiring an additional 36 per cent equity interest in WestOil Limited. This private company owns 70 per cent of Block 2712A.
Oregen, formerly Supernova Metals Corp., completed the acquisition through its purchase of Oranam Energy Limited.
The deal increases Oregen’s stake in WestOil to 48.5 per cent and grants the company a 33.95 per cent net working interest in Block 2712A (PEL 107).
Under the share exchange agreement, Oregen issued 22 million shares and paid US$1 million (about N$18.5 million) in cash to Oranam shareholders.
Certain shareholders placed their stock under an 18-month escrow arrangement.
Alongside the acquisition, Oregen closed the first tranche of a brokered equity financing worth CAD $ 3.6 million (approximately N$48.6 million).
The LIFE Offering raised C$1.7 million (N$23.1 million) through the issuance of 4.77 million units, priced at C$0.36 each, which included one share and one warrant exercisable at C$0.54 until August 2027.
The Private Placement Offering raised a further C$1.9 million (N$25.6 million) through subsidiary FinanceCo, with the securities later exchanged one-for-one into Oregen shares and warrants.
Research Capital Corp. led the financing with Canaccord Genuity and Roth Canada Inc. as agents. T
he warrants are expected to trade on the Canadian Securities Exchange under the symbol ORNG.WT once they become exercisable later this year.
Oregen said it is positioning itself as an early mover among small-cap companies with direct exposure to Namibia’s deepwater frontier. The company plans to conduct a 3D seismic survey in the fourth quarter of 2025 and initiate a farm-out process in 2026 to attract major partners ahead of planned drilling in late 2026 or 2027. It is also in talks to secure additional offshore acreage in the Orange, Walvis and Lüderitz basins.
Concurrent with the acquisition and financing, the company changed its name to Oregen Energy Corp.
Its shares continue to trade under the ticker ORNG once Canadian Securities Exchange requirements are finalised.
Oregen describes itself as an Africa-focused investment company, with its flagship asset being the 33.95 per cent net working interest in Block 2712A, an area at the centre of Namibia’s rising global oil profile.
The block covers 5,484 km² in deepwater off Namibia and is located near some of the basin’s most significant discoveries, including TotalEnergies’ Venus, Shell’s Graff, Galp’s Mopane, and the Rhino/BP-ENI Capricornus finds. “The Orange Basin is fast emerging as one of the world’s most exciting new petroleum provinces, and Block 2712A is strategically located in the heart of the action,” the company said.
