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Monday, August 12, 2013
AziNam reported that following the completion and evaluation of an extensive, 5,500 km 2D seismic survey conducted by PGS’ GeoStreamer and GeoSource , Maurel et Prom has decided to exercise its 5.5% back-in right to AziNam’s interest in exchange for reimbursing 5.5% of all back costs.
Once the transfer is executed, Maurel et Prom and AziNam will each hold a 42.5% interest in exploration licenses 44 and 45, which cover Blocks 2212B, 2213A, 2213B, and 2413A. Maurel et Prom will continue as operator on the licenses.
AziNam MD, David Sturt said: “The two recent HRT wells have significantly advanced our understanding of the hydrocarbon potential of our exploration licences. We now have a proven laterally extensive mature oil source rock along the offshore margin where our exploration licences are located. Combined with this proven source unit we have been able to use the most advanced broadband seismic data (Geosource 2D & Geostremer 3D) to progress our understanding of this emerging exploration play.
In addition to the proven source unit we note that in the Murombe well the main reservoir target, the Cretaceous Basin-floor fan were much less developed than anticipated, while the shallower Boabab target contained a reservoir but was found to be water wet. Data collected from recent drilling demonstrates, however, that the offshore Namibian Basins contain all the ingredients of a working hydrocarbon system.
The recent back-in for an additional 5.5% interest in AziNam licences 44 & 45 by Maurel et Prom provides added third party confirmation of the prospectivity of the area. Further third party exploration wells are expected in Namibia over the next 12 months which will provide additional data.”
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