Universal Power Corp., Vancouver, (CDNX: UNX) has entered a memorandum of understanding with The National Petroleum Corp. of Namibia (Pty) Ltd.
Universal Power and NAMCOR will jointly investigate and evaluate project opportunities in petroleum exploration, development and production of hydrocarbons, as well as energy related opportunities in Africa.
Universal Power seeks to combine its operational expertise and access to international capital with the resources and support of NAMCOR to jointly pursue energy opportunities in Namibia, including E&P, debt and equity finance, asset swaps and data set exchanges.
Universal Power chief executive Barry Swanson says, “As we continue to execute our mission in creating value with local partners in a socially responsible manner, it is both a tremendous opportunity and a great honor to be associated with the government of Namibia. Partnering with NAMCOR builds a stronger platform to develop energy projects in Namibia and abroad for mutual benefit.”
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