AziNam announces extension to PEL 71 licence and Uaapi Utjavari, Vice President of Exploration, elected as Chairperson of NAMPOA

Hamilton, Bermuda – 5th June, 2017:

Azinam Limited (“AziNam”), the Seacrest Capital Group-backed E&P company focused on offshore Namibia, is pleased to announce that a one year licence extension has been awarded to the partners in PEL 71. In addition, Uaapi Utjavari, AziNam’s Vice President of Exploration for Africa, has been elected Chairperson of the Namibian Petroleum Operators Association (“NAMPOA”).

Licence Extension

 The Government of Namibia has granted a one year licence extension to the partners in the PEL 71 licence.

PEL 71 is situated in the South of Walvis Basin, offshore Namibia. The licence partners have recently completed a GeoStreamer® 3D broadband seismic survey covering 2,600km², complementing the initial 3,500km² 3D survey acquired in 2012. Interpretation of this data across the whole of the northern half of the licence has led to the identification of a number of significant structural and stratigraphic prospects. The licence extension will enable the licence partnership to carry out a detailed review of all the prospects before committing to drilling.

The current working interest positions in the Central Blocks, are as follows:

Chariot Oil & Gas 65% (operator)
AziNam 20%
NAMCOR 10%
Ignitus Oil & Gas 5%

Uaapi Utjavari appointed Chairperson of NAMPOA

 Uaapi Utjavari, AziNam’s Vice President of Exploration for Africa, has been elected as the new Chairperson of the Namibian Petroleum Operators Association. NAMPOA is a forum representing all Oil & Gas exploration companies operating in Namibia and enables effective communication on vital issues to key stakeholders including the Government of Namibia.

The NAMPOA management team is elected by other industry operators and Uaapi’s appointment comes at an important time, with significant activity expected to take place offshore Namibia in the next few years.

AziNam Managing Director, David Sturt, commented:

 We are very pleased to be awarded an extension to the PEL 71 licence and we look forward to working with our partners in the licence as we enter the next phase of exploration. Several significant structural prospects have been identified as a result of the data from the 3D seismic surveys and will enable the partners to select the optimum prospect, which we believe will lead to drilling the first exploration well from H2 2018.

 “We are also delighted that Uaapi Utjavari has been elected by other operators in Namibia to be the new Chairperson of NAMPOA. Uaapi has worked relentlessly throughout his career to unlock the potential of Namibia and will be ideally placed in his role as Chairperson to ensure effective interaction between the industry and its key stakeholders.” 

Release: PEL 71 licence extension