Oregen Energy Boosts Stake in Namibia’s Orange Basin with Strategic Acquisition and Financing
Oregen Energy Corp. has expanded its position in Namibia’s offshore Orange Basin by acquiring an additional 36% equity interest in WestOil Limited, which holds a 70% operating stake in Block 2712A (PEL 107).
The transaction, completed through Oregen’s purchase of Oranam Energy Limited, increases Oregen’s ownership in WestOil to 48.5%, giving the company a 33.95% net working interest in Block 2712A.
Under the terms of the share exchange agreement, Oregen issued 22 million shares and paid US$1 million (about N$18.5 million) in cash to Oranam shareholders, with a portion of the shares placed under an 18-month escrow.
Concurrently, Oregen closed the first tranche of a C$3.6 million (N$48.6 million) brokered equity financing.
The LIFE Offering raised C$1.7 million (N$23.1 million) through the issuance of 4.77 million units priced at C$0.36 each, including one share and one warrant exercisable at C$0.54 until August 2027.
The Private Placement Offering raised an additional C$1.9 million (N$25.6 million) via subsidiary FinanceCo, with securities later exchanged into Oregen shares and warrants.
Research Capital Corp. led the financing, alongside Canaccord Genuity and Roth Canada Inc.. Warrants are expected to trade on the Canadian Securities Exchange under the ticker ORNG.WT later this year.
With this acquisition, Oregen strengthens its foothold in one of the world’s hottest new petroleum frontiers.
The company plans to launch a 3D seismic survey in Q4 2025 and initiate a farm-out process in 2026 to bring in major partners ahead of potential drilling in late 2026 or 2027.
Discussions are also underway to secure additional acreage in the Orange, Walvis, and Lüderitz basins.
Rebranded from Supernova Metals Corp., Oregen is positioning itself as an Africa-focused energy investment company, with Block 2712A as its flagship asset.
The block spans 5,484 km² of deepwater acreage, strategically located near some of Namibia’s most high-profile discoveries, including TotalEnergies’ Venus, Shell’s Graff, Galp’s Mopane, and Rhino/BP-ENI’s Capricornus finds.
“The Orange Basin is fast emerging as one of the world’s most exciting new petroleum provinces, and Block 2712A is strategically located in the heart of the action,” the company said.
