The Namibian (Windhoek)

30 November 2012

Namibia: Azinam Gets Stake in 13 Petroleum Blocks

AZINAM has acquired a substantial presence in the emerging exploration province offshore Namibia within the Walvis and Luderitz Basins.

The company, backed by the Bermuda-based energy investment group Seacrest Capital Ltd and partners, has acquired interests in a total of 13 petroleum exploration blocks covering 67 000 square kilometres, with stakes ranging from between 10% to 48%, AziNam said in a statement this week.

AziNam’s partners include Namcor, Maurel & Prom, Chariot Oil & Gas and Eco (Atlantic) Oil & Gas.

To date, 5 000 km of 2D and 3 450 square kilometres of 3D seismic data has been acquired over the blocks.

The processing of the 3D seismic data is already complete, with completion of the 2D seismic data expected by year end.

In addition to the data already acquired, AziNam plans to acquire a further 2 500 square kilometres of additional 3D seismic data and participate in the drilling of up to six exploration wells over the next four years.

“We believe that the Namibian offshore region offers a truly unique opportunity to encounter world class prospects which have only recently been identified due to the application of modern exploration techniques combined with increasing exploration success in other analogous parts of the South Atlantic margin,” said AziNam managing director David Sturt.

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