Universal Lands 30% Interest in Offshore Namibia Concession
Universal Power Corp. announced that further to its news releases dated June 24, 2008 and July 21, 2008 the transactions to acquire a 30% carried interest in Petroleum Exploration License ("EL") 2815 offshore Namibia and purchase an additional 70% of Kunene Energy (Pty) Ltd, ("Kunene Energy") have now been completed.
Namibian Oil & Gas Assets
On February 26, 2008, Universal entered into a partnership with Kunene Energy (Pty) Ltd. a Namibian Black Economic Empowerment ("BEE") company, founded by Mr. Knowledge Katti a local businessman and director of Universal. Kunene Energy is well positioned to assemble strategic interests in high-profile African oil and gas projects. Upon closing of the acquisitions noted above, the Company now has a 2.7% carried interest in Block 1711, a 90% working interest in Blocks 2713A&B and a 30% carried interest in Block 2815. These oil and gas concessions are offshore Namibia, Africa.
The 2713 and 2815 Blocks are located in the Orange Basin, adjacent to the Kudu gas fields with an estimated reservoir of 3 TCF.