Universal Power reported that the renewal for Petroleum Exploration License Block 1711 was granted by the Ministry of Mines and Energy for the Republic of Namibia, for an additional two-year period. The renewal notice dated April 1, 2010 confirms UNX will maintain a carried interest throughout the next phase of the property's evaluation.
"Preliminary results presented to-date for Kunene No. 1 well located within Block 1711 clearly suggest the regional presence of a large hydrocarbon-charged reservoir. The two year renewal period will provide sufficient time for the block's participation group to perform the planned work program in following up on the very encouraging results achieved to-date on the concession," said Mr. Gabriel Ollivier, CEO of Universal Power.
Ownership in Block 1711 is distributed between Nakor Investments, an affiliate of the Sintez Group (70% working interest), EnerGulf Resources (10% working interest), PetroSA (10% working interest), NAMCOR (7% carried interest) and Kunene Energy (3% carried interest). Universal owns 90% of Kunene Energy.
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