Marenica Energy Ltd. said Aug. 20 that it reached an agreement to acquire a 95% stake in exclusive prospecting license 6746 in Namibia if it is granted to the applicant, a local citizen.
In exchange for the stake, the Australia-listed explorer will fund the tenement through a decision to mine. There is no upfront payment for the transaction.
The acquisition will complement Marenica's existing portfolio in the region, which includes four granted exclusive prospecting licenses and four license applications.
