Strategic acquisition could quintuple company’s stake in promising Orange Basin block
Supernova Metals Corp. has announced an ambitious plan to quintuple its presence in Namibia’s coveted offshore energy sector through a non-binding letter of intent with Oregen Corp. The deal would see Supernova acquire an additional 36% interest in WestOil Limited, dramatically increasing its stake in the promising Block 2712A in the Orange Basin to 48.5%.
The potential acquisition represents a strategic gambit to establish Supernova as a significant player in Namibia’s rapidly developing offshore energy landscape, though completion remains subject to due diligence, regulatory approvals, and final agreements.
Industry analysts note that while the move signals confidence in the region’s potential, Supernova faces significant financial hurdles, with no current revenue and substantial losses weighing on its balance sheet. Despite these challenges, recent corporate developments and technical indicators have provided a measure of optimism to investors eyeing the company’s aggressive expansion strategy.
Supernova Metals Corp., an energy and resource exploration company with global ambitions, is currently pursuing opportunities across multiple fronts, including a rare earth project in Labrador alongside its existing 8.75% indirect ownership interest in Block 2712A.
Source: Namibia Oil and Gas news
