Welcome!

News Feed Item

Letho Announces Signing of Letter of Intent to Acquire Interest in Namibia Oil & Gas Licenses

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/27/14 -- 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.

Contacts:
Letho Resources Corp.
604-999-5554
www.lethoresources.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
"Coalfire is a cyber-risk, security and compliance assessment and advisory services firm. We do a lot of work with the cloud service provider community," explained Ryan McGowan, Vice President, Sales (West) at Coalfire Systems, Inc., in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
CloudJumper, a Workspace as a Service (WaaS) platform innovator for agile business IT, has been recognized with the Customer Value Leadership Award for its nWorkSpace platform by Frost & Sullivan. The company was also featured in a new report(1) by the industry research firm titled, “Desktop-as-a-Service Buyer’s Guide, 2016,” which provides a comprehensive comparison of DaaS providers, including CloudJumper, Amazon, VMware, and Microsoft.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...