HAMILTON, Bermuda, August 28, 2014 /PRNewswire/ --
AziNam Ltd., ('the Company") the offshore Namibia focused exploration company, is pleased to announce that a new licence has been issued for Blocks 2312A&B and 2412A&B, now renamed as Blocks 2312 and 2412A (the Central Blocks), offshore Namibia, operated by Chariot Oil & Gas ("Chariot") (CHAR:LN).
The newly awarded license has a three year Initial Exploration Phase which commenced on the 27th of August 2014, with a work commitment including the acquisition and processing of 1,500 km2 of 3D seismic.
As part of the process, AziNam increased its holding by an additional 10%, resulting in a 20% working interest in the licence. The Namibian State Oil Company, NAMCOR, and a local partner, Ignitus Oil and Gas (PTY) Ltd, also entered the licence, holding 10% and 5% respectively.
Following the completion of the transaction, the working interest positions in Blocks 2312 and 2412A will be as follows:
Chariot Oil & Gas 65% (Operator) AziNam Ltd. 20% NAMCOR 10% Ignitus Oil & Gas 5%
AziNam Managing Director, David Sturt, commented:
"This is the second licence offshore Namibia in which we have successfully increased our working interest in recent weeks and is yet another increase to our already significant portfolio.
"The transaction demonstrates our belief and long term commitment to unlocking the hydrocarbon potential of offshore Namibia, within the Walvis Basin and we look forward to further exploring this new licence with our partners and the Government of Namibia."
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, South East Asia and South America. 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.
SOURCE AziNam Ltd.