Government approval received to drill PEL 30 offshore Namibia

Windhoek, Namibia – Thursday, September 27, 2018:

Azinam Limited, the Seacrest Capital-backed South West African oil exploration company, has been informed by Eco Atlantic Oil & Gas Ltd, Operator of Petroleum Exploration Licence (PEL) 30, that it has received the required final Certificate to drill an exploration well within the Osprey Prospect on the offshore “Cooper” Block (PEL 30) in the Walvis Oil Basin in North Central Namibia.

The Osprey prospect is located in approximately 300 metres water depth. It is an Aptian/Albian target within a sand filled channel and fan system in the Cretaceous sequence. The current working interest positions in the Central Blocks are as follows: Eco Atlantic (32.5% and operator), Azinam (32.5%), ONGC (15%) *, Tullow Oil (10%) and NAMCOR (10%).

*pending government and partners approvals.

The prospect is covered by 1,100km2 of 3D seismic data which was acquired and processed by PGS Geophysical. The operator has reported the Osprey prospect is anticipated to have an estimate gross prospective resource of 882mmboe with a well currently planned for end 2019 or Q1 2020.

David Sturt, Chief Operating Officer of Azinam Limited, commented:

We have worked closely with our partners on PEL 30 to analyse and interpret the seismic data which has been acquired, giving us confidence that the optimum location will be selected for the well and we look forward to making further headway towards drilling. It is pleasing to note additional progress across our asset base and our multi-well drilling campaign as we move into an exciting phase for the business.”

RELEASE: PEL 30 Government approval received