10 July 2009
Windhoek — Universal Power Corporation has retained HRT Petroleum of Brazil to conduct technical analysis on two of its blocks offshore Namibia.
Under the agreement, HRT will collect and analyse all existing and historical data for Blocks 2713A and 2815 and will source potential farm-in partners.
Block 2713A is owned by Universal's 90% controlled subsidiary Kunene Energy (Pty) Ltd. Universal currently has a 30% carried interest in Block 2815 through Cumoxi Investments (Pty) Ltd., a 100% owned subsidiary.
Block 2713A is located next to Block 2714A owned by Enigma Oil & Gas (Pty) Ltd. In May of 2009, Petroleo Brasileiro S.A. ("Petrobras"), signed a Farm-in agreement for a 50% interest in Block 2714A. The terms were US $16 million cash plus reimbursement of past costs including 3D seismic. The technical work and data room for this project was managed by HRT.
Barry Swanson, Chief Executive Officer of the company said: "This association with HRT Petroleum represents yet another milestone in the development of our Company. HRT works with the largest and most advanced offshore oil and gas companies in the world. We are privileged that they have chosen to work with Universal in Namibia. This is a tremendous opportunity and I expect the beginning of a very successful partnership. In addition, the fact that Petrobras is active in our area is confirmation of our business thesis."
Marcio Rocha Mello, President of HRT said after having worked extensively in Namibia for the last three years, HRT intends to apply its unique proprietary petroleum system technology in order to understand and quantify all the elements and processes of the petroleum system that are essential to identify and characterize the hydrocarbon potential in the Universal exploratory Blocks 2713A and 2815, offshore Namibia.
"The special location of both blocks closely associated with the Kudu field and directly related to two very important oil and gas hydrocarbon kitchens, located in the South and Western portions of the basin, gives the area a very special geological situation regarding the charge of oil and gas over the structures already envisaged. Based on the current and historical data already analysed, I am very confident about the oil and gas potential on these blocks," Mello said.
HRT Petroleum is considered the leading integrated geological, geochemical and geophysical service company in Latin America and West Africa. I
Universal Power is an independent oil and gas exploration and development company with broad-based Black Economic Empowerment partnerships, trading its common shares publicly on Canadian and German exchanges. The company currently holds interests in 6 Blocks of offshore concessions covering over 32 000 square km in Namibia.
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