Windhoek, Namibia – Monday, May 21, 2018:
Azinam Limited (“Azinam”), the Seacrest Capital Group backed explorer focused on offshore Namibia, is pleased to announce that it is planning a multi-well drilling campaign over the next 24 months.
The planned drilling campaign will seek to test and verify the highly prospective acreage held by the company across the oil proven* Walvis Basin.
Azinam holds one of the largest acreage positions offshore Namibia, second only to NAMCOR the national oil company. Such a unique footprint ensures that Azinam is well placed to capitalise from success within the Walvis basin. Azinam’s working interests range from 20-42.5% in its six licences across the majority of the Walvis basin. These licences hold over 10 billion barrels of prospective resources and are strategically positioned to allow access to the multiple play types within the basin.
Since entering the country in 2011, Azinam and Seacrest Capital Group have systematically invested in building an industry leading subsurface dataset. Azinam holds an extensive 2D seismic database which is complemented by six proprietary modern 3D broadband seismic data surveys covering a total of more than 13,000km2. This database, in conjunction with a complete legacy well library, provides Azimuth with unmatched technical insights into the basin’s hydrocarbon potential.
Azinam’s David Sturt, commented:
“Throughout the oil price decline we continued to invest in high resolution “broadband” **Geostreamer 3D seismic and Azinam has built up an enormous portfolio of over 90 leads and prospects. We are now optimally placed to benefit from the considerable industry excitement as the multi-well drilling program evolves.”
As part of Azinam’s long-standing investment strategy that seeks to balance exposure to world class exploration opportunities with manageable capital expenditure levels, Azinam will shortly commence a process to identify potential partners in order to manage and broaden its exposure across West Africa.
Azinam Chairman, Erik Tiller, commented:
“With a rapidly improving market combined with a significant renewed industry appetite for exploration and upcoming drilling activity, the spotlight is firmly on Namibia.
“Namibia has in-place, the infrastructure, and untapped offshore deposits, combined with a supportive government and favourable fiscal regime. We have always believed in the potential of this proven hydrocarbon province and now is the right time to engage with the industry to seek strategic partners that can add value as we look to further our investment across the region at a very exciting time in the development of our company.”
*In 2013, a viable offshore petroleum system was demonstrated by HRT’s Wingat and Murombe Wells since which time there has been increased interest and activity across the region by major oil companies.
**GeoStreamer® technology provides subsurface images of greater clarity, accuracy and reliability.