AziNam announces completion of 3D seismic survey, offshore Namibia

AziNam Ltd. (“AziNam” or “the Company”), the offshore Namibia focused exploration company, is pleased to announce that it has completed a 3D seismic survey (“the Survey”) on PEL 34, the Guy Block, offshore Namibia.

The Survey is located in the Walvis Basin and was conducted by PGS Geophysical Ltd. (“PGS”). The Survey took just over three weeks to complete and covered an area of approximately 870 km2.

The current working interest positions in the Guy Block, are as follows:

 

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

 

AziNam Managing Director, David Sturt, commented:

 “Completion of the 3D survey, announced today, is another step forward for the Company and its partners. The Survey is one of four surveys we have acquired within the last 12 months and remains in line with our strategy towards establishing AziNam as a leading Namibia-focused exploration company.

As the Operator of the Guy Block, we remain committed to high quality data and have once again utilised world class technical analysis, provided with the PGS GeoStreamer system, which will enable us to identify and prove our block targets. We are delighted to continue working with our partners, Eco (Atlantic) Oil & Gas and Namcor, and make further progress in our exploration programme for 2016.

AziNam currently has interests in a total of 6 licences, offshore Namibia, with low cost exposure to this under-explored oil and gas province which has attracted a great deal of industry attention from a number of major international oil companies including Shell, Tullow, OMV and Murphy Oil.“

 

Contacts:

AziNam Limited www.azinam.com
David Sturt +971 55 191 9808
Vigo Communications www.vigocomms.com
Patrick d’Ancona +44 (0)20 7016 9570
Chris McMahon
Alex Aleksandrov

 

 Notes to Editors:

 

AziNam, the Seacrest Group backed E&P company, holds interests in a total of 6 licences covering c. 67,000km2, across the Walvis and Luderitz basins offshore Namibia, partnering with Tullow Oil, 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 the upstream segment of the oil and gas industry, 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.

 

Map: AziNam Exploration Licences Offshore Namibia

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