HAMILTON, Bermuda – Thursday, 17th July 2014:
AziNam Ltd., the offshore Namibia focused exploration company, is pleased to note the announcement by our partner, Eco (Atlantic) Oil and Gas Ltd. (“Eco Atlantic”) that Tullow Oil plc. (‘Tullow”) has farmed into block 2012A.
AziNam holds a 20% working interest in block 2012A which lies within the Walvis Basin area.
Following the transaction and subject to all necessary approvals, the licensees on Block 2012A will be:
|Eco (Atlantic) Oil and Gas Ltd||45% (op)|
|Tullow Oil plc.||25%|
Tullow’s working interest in the block will increase to 40% and Tullow will assume operatorship in the event that it elects to participate in an exploration well on the block.
AziNam Managing Director, David Sturt, commented:
“This farm in by Tullow, one of the most successful African exploration companies, provides confirmation of AziNam’s technical work and vision which identified the significant potential within this region and enabled the company to build one of the largest portfolios offshore Namibia.”
We believe that the Namibian Offshore region offers an exciting opportunity to generate world-class prospects leading to high impact oil & gas discoveries. These targets have only been recently identified following both the application of modern exploration techniques offshore Namibia and increased knowledge from exploration success in analogous parts of the South Atlantic margin.”
We welcome Tullow Oil to the partnership and look forward to working with them along with Eco Atlantic and NAMCOR to jointly uncover the true potential in this increasingly exciting area.”
|AziNam Limited||+971 55 191 9808|
|Patrick d’Ancona||+44 (0)20 7016 9570|
Notes to Editors:
AziNam, the Seacrest Group backed E&P company, holds interests in a total of 6 licences and 13 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 operating 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 start-ups in the United Kingdom and Norwegian North Sea, West Africa, Ireland and South East Asia. As a result of Seacrest’s support, AziNam is in a strong position to take advantage of and build on further opportunities as they arise in the offshore Namibia regions.