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Wednesday, August 6, 2014
AziNam Ltd. secured an additional 10% working interest position in Blocks 2111B and 2211A, the “Guy Block”, from Eco (Atlantic) Oil & Gas offshore Namibia.
Following completion of the transaction, AziNam will hold a 30% interest in the Guy Block, for which it will bear an additional 10% of the operating costs as well as its participating interest share of NAMCOR’s 10% in the block.
Following the completion of the transaction, the working interest positions in the Guy Block will be Eco (Atlantic) operator with 60%, AziNam with 30%, and Namcor with a 10% carried interest.
The transfer of interest to AziNam is subject to, among other conditions, the approval of Namibia’s Ministry of Mines and Energy.
AziNam Managing Director, David Sturt, commented: “The Namibian coastline continues to offer a significant frontier exploration province holding huge exploration potential. To date, the wells drilled by other operators have proved up the existence of a working petroleum system, we now need to focus on identifying the right conditions for the presence of large hydrocarbon accumulations. We have recently seen a new wave of major international oil companies moving into the region including Shell, Tullow, OMV, and Murphy. This has added further exploration interest and momentum within the area. We are already one of the largest acreage holders offshore Namibia and are continually leveraging our dominant position to increase and improve the composition of our portfolio. We feel very fortunate to have been able to increase our interest in this block and look forward to continuing to work with our partners Eco Atlantic and Namcor in the search for hydrocarbons. We are planning to progress with a major seismic acquisition program shortly, we will provide an update once the results of this new phase of work are known.”
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