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.
Contacts:
David Sturt
AziNam Limited
+971-55-191-9808
http://www.azinam.com
Vigo Communications
Patrick d'Ancona
Chris McMahon
+44(0)20-7016-9570