Windfire Capital has signed a letter of intent with DMiner Asset Management to acquire 76.5% in a license offshore Namibia.
Windfire will acquire the stake in license 0079, covering Blocks 2815 and 2915, through the acquisition of 91.5% of Riviera Mina.
Some 1137sq km of 3D seismic has been shot over the blocks, which Windfire says offers a drill-ready, multiple zone, oil and gas target in the Orange Basin.
The remaining interest in the License is held by the National Petroleum Corporation of Namibia (Namcor) and local Namibian partners.
Windfire will pay a deposit of US$150,000 to DMiner, issue 15,000,000 common shares of Windfire to DMiner, and pay an additional $850,000 to DMiner on closing of the deal.
Windfire also intends to complete a private placement to raise $5 million to be used for the payments to DMiner, for interpretation of existing data in connection with the License, for preparation of a go-forward work program and for general working capital purposes.
CEO and President Kevin Broger was formerly CEO of Chariot Oil and Gas and HRT Canada.