Labat completes acquisition of acreage offshore Namibia

Labat Africa has agreed to acquire Palatina Petroleum and thereby gain an 85% participating interest in a license offshore Namibia.

Offshore staff

JOHANNESBURG, South Africa – Labat Africa has agreed to acquire Palatina Petroleum and thereby gain an 85% participating interest in a license offshore Namibia. The purchase price is $14 million.

Namibia had granted the exploration and development permit covering 25,000 sq km (9,653 sq mi) in leases 1909, 2009, and 2414 in the Walvis and Lüderitz basins to Palatina.

NAMCOR holds the remaining 15%.

6/26/2013

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