Oregen Energy Corp has signed a non-binding letter of intent (LOI) to evaluate a potential investment in Petrovena Energy, a Namibia-based energy company, as it seeks to expand its position in the Orange Basin.
Petrovena is Oregen’s existing partner in Block 2712A (PEL 107) and has recently received an award letter to enter into a petroleum agreement for Block 2812Ab, a highly prospective offshore exploration block.
“We are advancing the evaluation of an investment in the share capital of Petrovena, which could materially increase our exposure to the Orange Basin, including Block 2812Ab, which we believe is one of the most attractive oil exploration opportunities globally, directly adjacent to one of the largest discoveries in the basin and within a corridor increasingly dominated by majors,” said Oregen Energy CEO and Director Mason Granger.
If concluded, the transaction would complement Oregen’s existing 33.95% indirect interest in Block 2712A, where it is the largest shareholder in WestOil Ltd., the operator.
Block 2712A covers 5,484 square kilometres of deepwater acreage near licences held by major international oil companies, while Block 2812Ab lies in water depths of up to 3,900 metres and has already been surveyed using 2D seismic data.
Oregen said further technical evaluation of existing seismic data will guide future 3D seismic acquisition programmes aimed at identifying drill-ready prospects.
“Block 2812Ab fits squarely within our strategy of investing in a concentrated Orange Basin portfolio with scale, geological continuity and multiple strategic pathways. Its proximity to proven discoveries such as Venus, and to active development planning, enhances its strategic relevance as the region advances toward major investment decisions and production,” Granger said.
The company added that the proposed investment aligns with its strategy to build a focused portfolio in the Orange Basin with exposure to multiple high-impact opportunities.
