AziNam announces working interest increase in strategic acreage position offshore Namibia and Operator status

HAMILTON, Bermuda – Monday, 5th – January – 2015:   

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:

PEL 30 Eco (Atlantic) Oil & Gas 32.5% (operator)
AziNam 32.5%
Tullow Oil 25%
Namcor 10%
PEL 33 Eco (Atlantic) Oil & Gas 60% (operator)
AziNam 30%
Namcor 10%
PEL 34 Eco (Atlantic) Oil & 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.”

 

Map: AziNam Exploration Licences Offshore Namibia

Azinam_Licences[3] (1)

Contacts:

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