Letho Announces Signing of Letter of Intent to Acquire Interest in Namibia Oil & Gas Licenses
June 27 2014 - 9:00AM
Marketwired
Letho Announces Signing of Letter of Intent to Acquire Interest in
Namibia Oil & Gas Licenses
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 27, 2014) -
Letho Resources Corp. ("Letho" or the "Company") (TSX-VENTURE:LET)
is pleased to announce that it has signed a letter of intent with
Incan Energy Inc. ("Incan") whereby the parties have agreed to
negotiate the definitive terms of an agreement for Letho to acquire
all of Incan's working interest in certain Namibian Onshore Oil and
Gas Licenses (the "Namibian Licenses"). Incan currently owns a 35%
interest in six Namibian Licenses located within the Owambo Basin
and a 33% interest in one additional Namibian License located in
the Waterberg Basin. The total area of the Namibian Licenses is
nearly 47,000 km2.
Under the terms of the letter of intent, the parties have agreed
to settle the terms of an acquisition agreement within 120 days of
signing of the letter of intent. The entry into definitive
agreement will be subject to Letho completing due diligence to its
satisfaction.
About the Namibian Licenses
The Republic of Namibia is situated in south-western Africa and
has an onshore area of 825,715 km2 and approximately 1,500 km of
shoreline. The hydrocarbon potential of this vast region remains
virtually unexplored due to political uncertainties which affected
the country prior to its independence in March, 1990. Namibia has
since been a member of the United Nations and the Commonwealth of
Nations, has a democratically elected government, political
stability, good neighbour relations, and a positive realistic
attitude towards foreign investment.
The Namibian Licenses are comprised of six onshore licenses
located within the Owambo Basin with a total area of nearly 37,000
km2, and one onshore license located within the Waterberg Basin
with a total area of nearly 10,000 km2.
The Owambo Basin is largely unexplored leaving opportunity for
large concession acreage available for exploration where there is
an active petroleum system present. Historically, oil was
discovered in the Etosha well 5-1A (Block 1814) within the Owambo
Basin, and locally there are other hydrocarbon indicators present
which have been verified within the basin.
The Waterberg Basin is also unexplored, but has live gas shows
in several shallow boreholes. The opportunity exists to further
explore and define this smaller African-rift-type basin in better
geological terms, with potential to find deeper and larger gas
reserves.
Change of
Officers
Mr. Robert Hall, a director of the Company, has been appointed
to the position of President and CEO filling the vacancy created by
the resignation of Mr. Brian Morrison and Brian Morrison, also a
director of the Company, has been appointed to the position of
Secretary and CFO filling the vacancy created by the resignation of
Robert Hall. This change in the Company's officers was effected due
to the Mr. Hall's extensive experience in the oil and gas field and
his willingness to guide the Company as it proceeds to acquire the
Namibian Licenses.
AGM Results
All ordinary resolutions and items of business presented to the
shareholders, as more particularly described in the Company's Proxy
Material, were duly passed at the Company's AGM held on June 25,
2014.
On behalf of the Board of Directors
Robert Hall, President and CEO
Letho Resources Corp.
Forward-Looking Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. Letho cautions that all
forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond Letho's control. Such factors include, among
other things: risks and uncertainties relating to Letho's ability
to complete its acquisition of the Namibian Licenses and Letho's
limited operating history. Accordingly, actual and future events,
conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the
forward looking information. Except as required under applicable
securities legislation, Letho undertakes no obligation to publicly
update or revise forward-looking information.
Neither 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.
Letho Resources Corp.604-999-5554www.lethoresources.com
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