Mareinca Energy Granted New Namibia EPLs

THE BOURSE WHISPERER: Marenica Energy (ASX: MEY) has followed the granting of EPL 6987 (Koppies) last month, with the Namibian Ministry of Mines and Energy granting an additional four exclusive prospecting licences (EPL 7278, 7279, 7368 and 7436).

Marenica Energy sai the new EPLs has increased its ground position in the Namib area to 308 square kilometres.

The company considers the grant of these licences as an important step in the execution of its acquisition strategy adding it could now commence planning of exploration programs on these EPLs.

The shallow nature of the drilling and the low unit cost for drilling in Namibia enables extensive low-cost exploration to be undertaken.

Three of the newly granted EPLs are in the Namib region, adjacent to or within close proximity to the Koppies EPL, which incorporates the eastern extensions of the Tumas palaeochannel.

These EPL’s, plus three other EPL applications, incorporate areas that are interpreted to feed into the Tumas palaeochannel system which hosts multiple uranium deposits, including the Tumas and Tubas uranium deposits owned by Deep Yellow (ASX: DYL).

Marenica also announced that following a decision by the Government of Namibia to remove the requirement for local ownership of EPLs, to encourage foreign investment, it has been able to increase its ownership of the Namib tenements to 100 per cent.

“The grant of these new licences is an important step in executing our strategy in Namibia and compliments the grant of the Koppies EPL,” Marenica Energy managing director Murray Hill said in the company’s announcement to the Australian Securities Exchange.

“It is also pleasing that Marenica has been able to consolidate its ownership of the Namib EPLs to 100 per cent.”