VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 24, 2013) - Westbridge Energy Corporation (TSX VENTURE:WEB) (PUQ1.F) ("Westbridge") commented today on the recent drilling results from the HRT Participações em Petróleo S.A ("HRT") Murombe-1 well. On Friday July 18, 2013 HRT announced the results from drilling its Murombe-1 well. The well confirmed the presence of the same Aptian source rock interval penetrated in the Wingat-1 well. The Aptian source rock in Wingat-1 was in the oil generation window and HRT recovered light oil in the range of 38° - 42° API from thin-bedded sandy reservoirs juxtaposed to the source rocks. HRT announced that the targeted reservoirs in the Murombe-1 well were interpreted as a dry hole with challenged reservoir properties.
"The Murombe-1 well did not find hydrocarbons in the targeted intervals. However, based on precedent from other now prolific hydrocarbon producing basins such as the Gulf of Mexico, UK and Norwegian North Sea and the Gulf of Guinea, more exploration work, which is upcoming in Namibia, will allow explorers to soon crack the petroleum system code." Commented Tosan Omatsola, President and CEO of Westbridge. "Westbridge is a dynamic company with a premier position in the still highly prospective and proven oil prone Walvis Basin, Offshore Namibia. We are the 2nd largest acreage holder in the Basin with a significant amount of technical data, which we plan to leverage to create value in the very near term. We are also engaged in Nigeria with our Strategic Alliance partner United Oil & Gas Ltd. and are actively pursuing a number of exciting near-term production opportunities, which we expect to consummate in the near future. We anticipate these opportunities will create a balance in our portfolio and augment our already excellent exploration portfolio in Namibia".
Westbridge is encouraged by the continued interest of Super Majors, Majors and independents in Namibia. In July 2013, Repsol and Tower Resources announced the planned drilling of their Welwitschia-1 prospect in February 2014. Repsol/Tower Resources acreage is contiguous to Westbridge's acreage in the Walvis Basin. HRT has also indicated the continuation of its drilling campaign by drilling its third exploration well in the Orange Basin. Westbridge intends to continue on with its strategy, which is fully outlined in our newly updated investor presentation on the company website and will continue to strive to create long-term value for our shareholders.
Westbridge also announces that it has retained Translloyd Consulting GmBH to assist Westbridge with marketing and investor relations advisory services in Canada and Europe. Translloyd Consulting GmBH will assist Westbridge with expanding its shareholder base, particularly in Germany, which has a large following of resource projects in Namibia due to past interests and current ties to Namibia. The initial term of the agreement with Translloyd Consulting GmBH will be for 3 months with an option to renew.
Westbridge also announces the granting of incentive stock options to certain of its officers and consultants to purchase up to an aggregate of 90,000 common shares in its capital stock at a price of $0.15 per share, exercisable for a period of five years.
Westbridge Energy Corporation is an international oil and gas exploration and development company with a robust portfolio of oil and gas licenses in the vastly underexplored and highly prospective, oil prone Walvis Basin, offshore Namibia. The licenses cover five blocks (1811B, 1911A Rel., 1912B, 1910A Rel. and 2011A Rel.), which cover 22,484 square kilometers and contain over 10,000 line kilometers of high quality 2D seismic data. Westbridge is Operator of the licenses and has an 80% working interest in 1811b and a 75% working interest in the remaining four licenses.
On behalf of Westbridge Energy Ltd.,
Tosan Omatsola, President and Chief Executive Officer
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