Canadian Company's Namibia Oil Offshore Riches

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abarrelfull wrote on 30 Jul 2010 11:05
Tags: canadian company namibia offshore oil tsx

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There seems to be a little excitement generated by this article in The Daily Reckoning.

The US is sowing the seeds for its next major energy crisis by screwing up its domestic deep-water oil industry. But meanwhile, the moratorium will create new urgency to explore and develop deepwater projects elsewhere in the world. I recently told the subscribers of Energy and Scarcity Investor about a small Canadian oil developer with BIG acreage offshore Namibia.

The thing is that this company is a publicly traded one, and could be in for a big payout.

Company “X” holds astonishingly large acreage in oil prospective waters in the southerly regions of Namibia’s offshore. We’re talking about HUGE amounts of prospective oil resource – in the billions of barrels. Yes, billions.

The problem is, unless you subscribe to his newsletter, he won't say who they are.

So I decided to help out those who are curious.

The company is called Universal Power Corp and here are the details of their Namibian Offshore Oil Business.

I cannot see any claims of 2.3 billion barrels of oil, which seems to be the rumour going around, but they are Canadian, and they do have a sizable exploration area in the Southern waters off Namibia. They are also new to the markets, so they are top suspect for this hot tip.

There is also another Canadian company active in Namibia. The company is called EnerGulf Resources Inc, and this is the details of their Namibia Business.

They have 893,100 hectare (2.2 million acre) of prospects. Like Universal Power Corp, their shares are available on the TSX, in Toronto.

Then for those of you that want more alternatives, there is always Chariot Oil and Gas Limited, floated on AIM in London, a company focused on Namibia.

They have licences covering eight offshore blocks-one of largest in Namibia - 38,725km2

Whoever comes up trumps, Namibia is another hot prospect, and will gratefully recieve any of the Rigs that the US government is so helpfully providing.

Update: I have added a comment in the forum

Update: I have added an overview of the Namibian Oil & Gas sector