Supernova Announces Completion of NI 51-101 Technical Report and Update on Future Operatorship of Block 2712A
Vancouver, May 22, 2025 - Supernova Metals Corp. (CSE:SUPR) (FSE: A1S) (the "Company"), soon to be renamed Oregen Energy Corp. ("Oregen"), is pleased to announce the completion of its Technical Report and filing of its F1 and F3 Forms pursuant to National Instrument 51-101 in connection with its interest in Block 2712A in Namibia's Orange Basin - a pivotal step as the Company prepares to take full control of operatorship over this high-potential asset. Currently the owner of a 12.5% equity interest in WestOil Limited ("WestOil"), the licensed operator of Block 2712A with a 70% participating interest, the Company will significantly increase its position through the acquisition of an additional 36% equity interest in WestOil, which will increase its total ownership in WestOil to 48.5%, corresponding to a 33.95% net working interest in Block 2712A. The Company presently has an 8.75% net working interest in the block.
More significantly, the Company and a 4.5% minority equity owner of WestOil have agreed to enter into a shareholder voting and operating agreement as part of the closing of the Acquisition. Under the agreement, the Company and the minority shareholder have agreed to cooperatively vote their 53% collective shareholdings in WestOil thereby granting majority control to Oregen over all operational and administrative decisions, ensuring that Oregen will assume strategic direction over the exploration and development program for the 70% working interest in the block.
The remaining minority 47% of WestOil is held by shareholders who will continue to participate, on a paying working interest basis only, on all exploration activities on Block 2712A.
This major development underscores Oregen's evolution into an emerging participant in one of the most promising frontier basins globally, positioning the Company to lead a transformative exploration campaign in Namibia. "Securing a controlling interest and future operatorship of Block 2712A is a defining moment for Oregen", said CEO Mason Granger. "This positions us not just as a partner, but as the operator in one of the world's most exciting offshore oil plays. With the NI 51-101 technical report completed and the WestOil transaction nearing close, we are fully aligned to initiate a high-impact 3D seismic program this fall. We thank our partners, Petrovena Energy, NAMCOR, stakeholders, and our shareholders, for their continued support as we enter this pivotal new phase.
The Company is also pleased to announce that it has retained FlowComms Limited ("FlowComms") as its strategic communications and digital engagement partner. FlowComms specialises in investor-focused content creation, social media, and market-facing communications. With a strong track record in the natural resources sector, FlowComms will support Supernova in building its online presence and strengthening investor engagement as the company advances its exploration plans. The Company has agreed to pay FlowComms a quarterly fee of $6,250 for the initial twelve-month term.
The Company and FlowComms act at arm's length and FlowComms does not currently have any direct or indirect interest in the Company or its securities. FlowComms' place of business is 167-169 Great Portland Street, Fifth Floor, Marylebone, London Borough of Westminster, London, W1W 5PF.
About Supernova
Supernova is an oil exploration company focused on acquiring and advancing natural resource opportunities globally. The Company is primarily focused on increasing its ownership interest in Block 2712A located in the Orange Basin, offshore Namibia. The Company is also actively exploring other investment and acquisition opportunities in the Orange and surrounding basins.
On Behalf of the Board of Directors
Mason Granger
CEO and Director
E: info@supernovametals.com
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Forward-Looking Statements:
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will support the viability of mining exploration, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of PEL 107, and the availability of and the ability to retain and attract qualified personnel. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of minerals, changes in the financial markets and in the demand for minerals, changes in laws, regulations and policies affecting the mineral exploration industry, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's SEDAR+ profile. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The Company does not undertake any obligation to update such forward?looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
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