AziNam announces government approval of operator status for the Company and the opening of its Windhoek office

HAMILTON,Bermuda -Tuesday, 12th– May – 2015:

 

AziNamLtd.(“AziNam” or “the Company”),the offshore Namibia focused exploration company,is pleased to announce that it has received government approval for it to assume operatorship of Petroleum Exploration Licence (“PEL”) 34, offshore Namibia,and that it has also opened its office in Windhoek, the capital of Namibia.

 

Government approval of operator status

 

In recent months AziNam has increased its working interest position in the majority of its offshore Namibia licences.During the course of 2014 AziNam increased its working interest  in  PEL  34 from  20%  to 40%.The  Government  of  Namibia,  along  with  our partners,have now approved AziNam to become operator of PEL 34.

 

The Company’s current working interest positions in licences offshore Namibia, stand as follows:

 

PEL30 Eco(Atlantic)Oil& Gas 32.5%(operator)
AziNam 32.5%
TullowOil 25%
Namcor 10%
PEL33 Eco(Atlantic)Oil& Gas 60%(operator)
AziNam 30%
Namcor 10%
PEL34 Eco(Atlantic)Oil& Gas 50%
AziNam 40%(operator)
Namcor 10%
PEL44 MaureletProm 42.5%(operator)
AziNam 42.5%
Namcor 8%
LivingstoneMining 4%
FrontierMinerals 3%
PEL45 MaureletProm 42.5%(operator)
AziNam 42.5%
Namcor 8%
LivingstoneMining 4%
FrontierMinerals 3%
PEL71 ChariotOil&Gas 65%(operator)
AziNam 20%
Namcor 10%
IgnitusOil&Gas 5%

 

Opening of new office

 

In addition, AziNam has opened its new office in the centre of Windhoek’s business district. The office is already staffed by a team of experienced industry personnel led by Uaapi Utjavari, formerly Executive E&P Manager at NAMCOR, the Namibian State Oil Company. The Windhoek based team will be the hub of AziNam’s commercial, technical and operational functions in-country and will play an integral role in developing the Company’s exploration portfolio in the wider region.

 

AziNam Managing Director, David Sturt, commented:

 

Becoming an operator offshore Namibia is an important milestone in the development of our business in the region, reflecting the quality of work already being carried out on our assets and highlighting AziNam’s financial strength and technical competence. Receiving approval from the Government of Namibia and the Ministry of Mines and Energy to assume the operatorship of PEL 34 is another vote of confidence in the Company’s ability. Across our Namibian portfolio  we have carried out aspects  of the technical  evaluation work  and managed a number of operational projects on behalf of the partnerships. We view our move to operator status as a natural progression and an endorsement of our technical and operational capabilities.

 

The opening of our office in Windhoek and the appointment of Uaapi Utjavari, as Vice President Exploration of AziNam for Africa , further strengthens our position in Namibia as we continue to grow within the region.

 

The Namibian E&P sector is entering a promising period as a number of sizeable Independent E&P companies have recognised the potential for significant hydrocarbon discoveries offshore Namibia and are driving forward with exploration campaigns.  AziNam has the leading offshore Namibia G&G database. Combining the database with a holistic and comprehensive analysis of the potential petroleum systems offshore Namibia,  AziNam has constructed the dominant acreage position in the Walvis and Luderitz basins and will continue to advance its understanding of the sub-surface. Namibia’s favourable licence terms and attractive business environment encourage exploration investment and we would like to thank the Government and people of Namibia for their continued support.”

 

Contacts:

 

AziNamLimited                                                                                          www.azinam.com

 

David Sturt                                                                                                     +971 55 191 9808

 

VigoCommunications                                                                      www.vigocomms.com

Patrickd’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.67,000 km2, across the Walvis and Luderitz basins offshore Namibia, partnering with Tullow Oil, Maurelet Prom, Chariot Oil and Gas and Eco(Atlantic) Oiland 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

Azinam_Licences[3] (1)