Canadian firm Supernova Metals Corp, which is set to rebrand as Orogen Energy Corp, has signed a definitive agreement to acquire a 36% equity stake in Namibia-focused WestOil Limited, a move that significantly boosts its presence in the Orange Basin.
The N$32 million (US$1.8 million) deal with Oram Energy involves a one-time cash payment and the issuance of 22 million Supernova shares. In a statement issued this week, the company confirmed: “Pursuant to the Exchange Agreement, the Company will acquire all of the outstanding share capital of Oranam, which itself controls the rights to a 36.0% equity interest in WestOil.”
WestOil holds a 70% working interest in Petroleum Exploration Licence (PEL) 83, located in Block 2712A, offshore Namibia.
The block lies in ultra-deepwater (2,800–3,900 metres) and is positioned near major discoveries made by TotalEnergies (Venus) and Shell (Graff), making it one of the most promising zones in the Orange Basin.
Following the transaction, Supernova’s net working interest in Block 2712A will increase to 33.95%, and the company will take over as operator.
This marks a shift from its earlier passive investment strategy, after acquiring an 8.75% stake in the block in January 2025.
“This expanded position places us among a select group of small-cap public companies with meaningful operating control in the Orange Basin,” the company said.
Supernova plans to follow up with a 3D seismic survey in the fourth quarter of 2025 to build on existing 2D data, and will publish an independent NI 51-101 technical report on the block by May 2025.
These steps are aimed at de-risking the asset in preparation for a farm-out transaction in 2026, when the company will seek a strategic partner—likely a major oil firm—to co-finance future exploration and appraisal drilling.
“A new seismic acquisition is scheduled for the fourth quarter of 2025. More than 10 offshore wells are estimated to be drilled in the Orange Basin, Namibia, by major companies throughout 2025,” the company said, adding that drilling activity on its block is likely to begin in late 2026 or early 2027.
To finance the acquisition and upcoming exploration, Supernova has launched a brokered equity offering through Research Capital Corporation, aiming to raise up to N$126 million (US$7 million).
The offering includes a N$53 million (US$3 million) private placement and a N$72 million (US$4 million) public offering. Units are priced at N$17 (US$0.36) and include one share and one warrant, exercisable at N$9 (US$0.54) over 24 months. Company insiders are expected to contribute around N$27 million (US$1.5 million).
Supernova describes itself as an oil exploration company focused on global natural resource opportunities, with its primary focus now on expanding its footprint in Namibia’s Orange Basin.
