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MENAFN Press - 27/11/2012

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(MENAFN Press) HAMILTON, Bermuda - Tuesday, November 27th 2012

AziNam Ltd. is pleased to announce that it has successfully built up a substantial position in the emerging exploration province offshore Namibia, within the Walvis and Luderitz Basins.

The company has acquired interests in a total of 13 petroleum exploration blocks covering 67,000km2, with interests ranging from between 10% to 48%. To date, 5,000km of 2D and 3,450km2 of 3D seismic data has been acquired over the blocks, and the processing of the 3D seismic data is already complete, with completion of the 2D seismic data expected by year end. Both seismic programs were acquired using PGS's new Geostreamer technology which maximizes seismic bandwidth.

In addition to the data already acquired, over the next 4 years, the company plans to acquire a further 2,500km2 of additional 3D seismic data and participate in the drilling of up to six exploration wells.

Offshore Namibia is an exciting new exploration province which has been overlooked in the past following the drilling of 18 wells in the shallower water shelfal regions using old 2D seismic data. Nine of these wells were drilled to appraise the Kudu field discovery. Industry attention has increasingly been refocusing on the region following successful exploration offshore Brazil and the Falklands. These regions are seen as direct analogues to the offshore Namibia Basins. The recent success of the Uruguay offshore licensing round which resulted in blocks being licensed to Tullow, BG, BP and Total provides further confirmation of the emergence of the whole of the South Atlantic region as an exciting new exploration region.

"We believe that the Namibian Offshore region offers a truly unique opportunity to encounter world class prospects which have only recently been identified due to the application of modern exploration techniques combined with increasing exploration success in other analogous parts of the South Atlantic margin," said AziNam Managing Director David Sturt. "We are looking forward to working with NAMCOR and our partners to realise the full potential of this acreage. The quality of this acreage is demonstrated by the presence of large international E&P companies, including BP, HRT and Repsol, on adjacent blocks."

In addition to NAMCOR, AziNam's partners in the blocks in which it has interests include Maurel & Prom, Chariot Oil & Gas and Eco (Atlantic) Oil & Gas.

AziNam is backed by the Bermuda-based energy investment group Seacrest Capital Ltd. and partners.


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