AziNam Announces Working Interest Increase in Strategic Acreage Position Offshore Namibia and Operator Status

News provided by

AziNam Ltd.

05 Jan, 2015, 15:24 GMT

HAMILTON, Bermuda, January 5, 2015 /PRNewswire/ --

AziNam Ltd. ("the Company"), the offshore Namibia focused exploration company, is pleased to announce it has entered into the following transactions with Eco (Atlantic) Oil & Gas Ltd:

  1. PEL 30:  (Block 2012A) increase in participating working interest to 32.5%
  2. PEL 33:  (Block 2213A,B) increase in participating working interest to 30%
  3. PEL 34:  (Blocks 2111B, 2211A) increase in participating working interest to 40%, assumption of licence operatorship

Following the completion of the transaction, the working interest positions in PELs 30, 33 and 34 offshore Namibia will be as follows:

   
                       Eco (Atlantic) Oil &
    PEL 30             Gas                    32.5% (operator)
                       AziNam                 32.5%
                       Tullow Oil               25%
                       Namcor                   10%

                       Eco (Atlantic) Oil &
    PEL 33             Gas                    60% (operator)
                       AziNam                 30%
                       Namcor                 10%

                       Eco (Atlantic) Oil &
    PEL 34             Gas                    50%
                       AziNam                 40% (operator)
                       Namcor                 10%

The transactions and assumption of operatorship in PEL 34 are subject to approval by the Ministry of Mines and Energy of Namibia.

AziNam Managing Director, David Sturt, commented: 

"These transactions demonstrate our belief and long term commitment to unlocking the hydrocarbon potential of offshore Namibia, within the Walvis Basin. AziNam is the leading international E&P company offshore Namibia, with a 67,000km2  acreage position of largely contiguous exploration licence.

This position has provided AziNam with a unique, high-quality and expansive dataset over the Walvis Basin, which we are using to continually evolve and elevate our understanding of the basin. This work continues to highlight the presence of a large number of world class prospects within the basin and is the reason why we have been further strengthening our portfolio by taking additional equity positions in key blocks. 

Having operated a number of the recent technical work programmes offshore Namibia on behalf of our partners, becoming an exploration licence operator offshore Namibia is a natural step for the company. As operator we will have even greater ability to leverage our technical knowledge of the entire basin. 

For companies with the financial strength and technical competence to do so, this is a highly attractive time to increase positions in high quality assets and expand existing portfolios. Over the course of 2014 AziNam has carried out a number of transactions to increase its participating interests in key licences offshore Namibia. Across AziNam's portfolio our average working interest is now 34%. 

We look forward to further exploring all our licences with our partners and the Government of Namibia."  

Notes to Editors: 

AziNam, the Seacrest Group backed E&P company, holds interests in a total of 6 licences and 12 Blocks covering c. 67,000km2, across the Walvis and Luderitz basins offshore Namibia, partnering with Maurel et Prom, Chariot Oil and Gas, and Eco (Atlantic) Oil and Gas.

Namibia is an under-explored oil and gas province with high potential which is gaining increasing industry attention from a number of major oil companies.

A combination of heightened industry interest in the country coupled with recent licensing and exploration success in geologically analogous regions within the South Atlantic margins, including the Falkland Islands, Brazil, South Africa and Angola, has made the region one of the most attractive potential hydrocarbon provinces in the global arena.

Seacrest Capital Group is a leading energy investor specialising in offshore exploration, leveraging its proprietary assets and relationships to build a diversified, global portfolio of regionally focussed oil and gas exploration companies. Since 2011, Seacrest Capital Group has invested in a number of successful new exploration companies in the United Kingdom, Norway, West Africa, Ireland, South East Asia and South America.  As a result of Seacrest's strong and long-term support, AziNam is ideally positioned to take advantage of and build on further opportunities as they arise in the offshore Namibia regions.

http://www.azinam.com