Canadian exploration company Supernova Metals is making a bold pivot into Namibia’s booming offshore oil sector, announcing a $7 million equity financing package and strategic acquisition that will dramatically increase its stake in the coveted Orange Basin Block 2712A from 12.5% to nearly 34%.
The company is simultaneously rebranding as Oregen Energy Corp to reflect its strategic shift toward offshore oil exploration, particularly in Namibia’s rapidly emerging oil province. The transformation includes acquiring Oranam Energy, which holds a 36% stake in WestOil, the private firm controlling the lucrative license, along with operatorship of the block.
The Orange Basin is generating massive industry excitement as a potential new oil frontier, drawing comparisons to Guyana’s successful deepwater discoveries. Block 2712A sits in ultra-deep water adjacent to acreage held by oil majors Shell and Chevron, placing the newly positioned company in an extremely strategic location.
The company plans to conduct a comprehensive 3D seismic survey later this year and is actively seeking partnerships with larger players to fund future drilling operations. Industry activity in the basin is accelerating rapidly, with more than 10 wells expected to be drilled by major companies throughout 2025.
The financing and acquisition are expected to close in June, with the corporate name change to Oregen Energy taking effect simultaneously.
Source: energycapitalpower.com