AziNam expands interest in Guy Block (Namibia)

AziNam Ltd., the offshore Namibia focused exploration company, has secured an additional 10% working interest position in Blocks 2111B and 2211A, the “Guy Block”, from Eco (Atlantic) Oil & Gas.

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 as follows: Eco (Atlantic) Oil & Gas 60% (Operator), AziNam Ltd. 30%, NAMCOR 10%.

The Transfer is subject to, among other conditions, the approval of Namibia’s Ministry of Mines and Energy.
AziNam Managing Director, David Sturt, said:  “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.” 

 

Press Release, August 05, 2014

 

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply