Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

AziNam Acquires Interests in Namibian Offshore Blocks  Join our daily free Newsletter

MENAFN Press - 27/11/2012

No. of Ratings : 0
Add to Mixx!


(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.

About AziNam


  MENA News Headlines




Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help