HAMILTON, Bermuda--(BUSINESS WIRE)--AziNam Ltd. (“AziNam” or “the Company”), the offshore Namibia focused exploration company, is pleased to announce that it has received government approval for it to assume operatorship of Petroleum Exploration Licence (“PEL”) 34, offshore Namibia, and that it has also opened its office in Windhoek, the capital of Namibia.
Government approval of operator status
In recent months AziNam has increased its working interest position in the majority of its offshore Namibia licences. During the course of 2014 AziNam increased its working interest in PEL 34 from 20% to 40%. The Government of Namibia, along with our partners, have now approved AziNam to become operator of PEL 34.
The Company’s current working interest positions in PELs 30, 33 and 34, offshore Namibia, stand as follows:
| PEL 30 | Eco (Atlantic) Oil & Gas | 32.5% (operator) | |||
| AziNam | 32.5% | ||||
| Tullow Oil | 25% | ||||
| Namcor | 10% | ||||
| PEL 33 | Eco (Atlantic) Oil & Gas | 60% (operator) | |||
| AziNam | 30% | ||||
| Namcor | 10% | ||||
| PEL 34 | Eco (Atlantic) Oil & Gas | 50% | |||
| AziNam | 40% (operator) | ||||
| Namcor | 10% |
Opening of new office
In addition, AziNam has opened its new office in the centre of Windhoek’s business district. The office is already staffed by a team of experienced industry personnel led by Uaapi Utjavari, formerly Executive E&P Manager at NAMCOR, the Namibian State Oil Company. The Windhoek based team will be the hub of AziNam’s commercial, technical and operational functions in-country and will play an integral role in developing the Company’s exploration portfolio in the wider region.
AziNam Managing Director, David Sturt, commented:
“Becoming an operator offshore Namibia is an important milestone in the development of our business in the region, reflecting the quality of work already being carried out on our assets and highlighting AziNam’s financial strength and technical competence. Receiving approval from the Government of Namibia and the Ministry of Mines and Energy to assume the operatorship of PEL 34 is another vote of confidence in the Company’s ability. Across our Namibian portfolio we have carried out aspects of the technical evaluation work and managed a number of operational projects on behalf of the partnerships. We view our move to operator status as a natural progression and an endorsement of our technical and operational capabilities.
The opening of our office in Windhoek and the appointment of Uaapi Utjavari, as Vice President Exploration of AziNam for Africa, further strengthens our position in Namibia as we continue to grow within the region.
The Namibian E&P sector is entering a promising period as a number of sizeable Independent E&P companies have recognised the potential for significant hydrocarbon discoveries offshore Namibia and are driving forward with exploration campaigns. AziNam has the leading offshore Namibia G&G database. Combining the database with a holistic and comprehensive analysis of the potential petroleum systems offshore Namibia, AziNam has constructed the dominant acreage position in the Walvis and Luderitz basins and will continue to advance its understanding of the sub-surface. Namibia’s favourable licence terms and attractive business environment encourage exploration investment and we would like to thank the Government and people of Namibia for their continued support.”
Notes to Editors:
AziNam, the Seacrest Group backed E&P company, holds interests in a total of 6 licences covering c. 67,000km2, across the Walvis and Luderitz basins offshore Namibia, partnering with Tullow Oil, 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 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 the upstream segment of the oil and gas industry, 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 new exploration companies in the United Kingdom, Norway, West Africa, Ireland, South East Asia and South America. As a result of Seacrest’s strong and long-term support, AziNam is ideally positioned to take advantage of and build on further opportunities as they arise in the offshore Namibia regions.
