AziNam increases stake in blocks offshore Namibia

AziNam has agreed to acquire from Eco (Atlantic) Oil & Gas an additional 10% interest in two exploration blocks offshore Namibia.

Offshore staff

HAMILTON, Bermuda – AziNam has agreed to acquire from Eco (Atlantic) Oil & Gas an additional 10% interest in two exploration blocks offshore Namibia.

Subject to approvals, AziNam will hold 30% of blocks 2111B and 2211A (collectively the“Guy” block). In exchange it will cover an additional 10% of the operating costs.

Eco will remain operator with a 60% stake. NAMCOR is the other concessionaire.

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.”

08/06/2014

More in Regional Reports