By: Creamer media

Canadian exploration company Supernova Metals has unveiled plans to deepen its position in Namibia’s offshore oil sector, announcing a $7 million equity financing and a strategic acquisition that will significantly raise its interest in Block 2712A in the Orange Basin.

As part of its shift in focus, the company also intends to change its name to Oregen Energy Corp. The rebranding will reflect its pivot toward offshore oil exploration, particularly in Namibia where it is expanding its portfolio.

Supernova currently owns a 12.5% interest in the block and is set to increase that to nearly 34% through the acquisition of Oranam Energy, which holds a 36% stake in WestOil, the private firm that controls the license. The deal includes a mix of cash and shares and will also give Supernova operatorship of the block.

The Orange Basin is rapidly gaining attention as a major new oil region, drawing comparisons to Guyana for its deepwater potential. Block 2712A sits in ultra-deep water and lies next to acreage held by Shell and Chevron, placing Supernova in a strategically valuable position.

The company plans to conduct a new 3D seismic survey later this year and is preparing to partner with a larger player to help fund future drilling. Exploration activity in the basin is ramping up, with more than 10 wells expected to be drilled by major companies in 2025.

The financing and acquisition are expected to close in June, with the name change to Oregen Energy taking place around the same time.