The Licenses cover water depths ranging from the shoreline to 1,800m and are covered by over 10,000 line kilometers of good quality 2D seismic data. Westbridge's initial technical analysis indicates the Licenses show similar geologic play concepts and trends to those observed in other prolific petroleum basins in Brazil and the deepwaters of Ghana, Angola, Liberia and Sierra Leone.
Cody Lee, CEO of Westbridge, commented, "These new Licenses represent a highly complementary geologic extension of Westbridge's existing asset base and hold world-class discovery potential. The acquisition of these highly prospective Licenses validates our selection of the contiguous position of Block 1811B where we have an 80% working interest. Furthermore, this Transaction demonstrates Westbridge's ability to leverage our strong local partnerships to acquire world-class assets."
Westbridge reserves the right to pay a finders fee in cash and/or securities of Westbridge to arm's length finders in connection with the Transaction. The Transaction is an arm's length transaction and is not expected to result in a change of control of Westbridge.
Westbridge Energy Corporation is an international oil and gas exploration and development company. Westbridge continuously reviews accretive new international oil and gas opportunities to grow its portfolio and create shareholder value.
For additional information readers are invited to review additional corporate and property information available on SEDAR at www.sedar.com.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "schedule", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company's future operations and prospects. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning equipment and crew availability, and joint venture partner financial capability. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labor, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by the Company with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Westbridge Energy Corporation
(505) 850 2930
Derek Gradwell, SVP, Natural Resources
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