Purchased 90% of company with 100% interest in Block 2713 A&B covering 10,000 sq. km. between Luderitz and Orange basins offshore.
Universal Power Corp., Vancouver, (CDNX: UNX) has acquired 90% of Namibia-based Kunene Energy (Pty) Ltd. from Telpon Property Holdings Inc. for C$850,000 in cash and approximately C$1.1 million in stock for a total deal valued at C$2 million. Kunene's assets include 100% interest in Block 2713 A&B covering 10,000 square kilometers between the Luderitz and the Orange basins offshore Namibia and a 3% carried interest in petroleum exploration license 1711 in the Namibe Basin offshore northern Namibia. Other Block 1711 owners are Moscow-based Sintezneftegaz with 70% working interest, South Africa NOC PetroSA with 10%, EnerGulf Resources Inc. (CDNX: ENG) with 10% and Namibia NOC Namcor with 7% carried interest.