Stamper Oil & Gas Corp. has announced a definitive agreement to acquire BISP Exploration Inc., a move that will establish a new offshore Namibian-focused oil and gas exploration company. This acquisition will give Stamper exposure to five blocks across three major exploration basins in Namibia, including the prolific Orange basin. The transaction involves a three-cornered amalgamation and the assumption of BISP’s outstanding debts and contractual obligations. This strategic acquisition is anticipated to enhance Stamper’s positioning in the Namibian oil and gas sector, potentially impacting its market presence and stakeholder interests.
The five Namibian Blocks are located in three of the four major basins offshore Namibia including the prolific Orange basin, the emerging Walvis basin and in the Luderitz basin. Block 2712A in the Orange basin is located northwest of prolific oil and gas discoveries made by Rhino Resources, Galp Energia and TotalEnergies. Blocks 2213, 2011B, and 2111A are located in the emerging Walvis basin where Chevron is planning to drill a well in 2026 or 2027. Additionally, the Company has Block 2614B located in the southern portion of the Luderitz basin, north of the Kudu Gas Field, where drilling is expected to commence later in 2025.
BISP and the counterparties to the BISP Share Purchase Agreement are all arm’s length parties to Stamper. A finder’s fee is anticipated to be paid by Stamper in connection with the Transaction to Commodity Partners Inc. in the maximum allowable amount under Exchange policies. Trading in the Company Shares has been halted, and will remain halted, pending review and approval of the Transaction by the Exchange.
Completion of the Transaction is subject to a number of conditions, including but not limited to, diligence investigations by the respective parties, approval of the respective boards of directors, completion of the Offering and regulatory approvals, including approval by the Exchange. There can be no assurance that the Transaction will be completed as proposed or at all.
The Company intends to complete a private placement offering in connection with the Transaction.
Stamper Oil & Gas Corp. is a company operating in the oil and gas industry, with a focus on exploration activities. The company is primarily involved in offshore oil and gas exploration, particularly in Namibia, where it aims to leverage its leadership’s extensive experience in the region.