AziNam has secured an additional 10 per cent working interest from Eco (Atlantic) Oil & Gas in Namibia’s Guy Block comprising two blocks namely 2111B and 2211A
Following completion of the transaction, AziNam will hold a 30 per cent interest in the Guy Block, for which it will bear an additional 10 per cent of the operating costs.
National Petroleum Corporation of Namibia (NAMCOR) will hold 10 per cent stake in the block.
David Sturt, MD of AziNam 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 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) Oil & Gas 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.”
According to Eco (Atlantic) Oil & Gas, the Guy Block covers an area of 10,000 sq km offshore Namibia in water depth of 2,000 metres. The work programme over the initial four-year term includes acquisition of 1,000 sq km of 3D seismic by March 2015 and drilling first exploration well in the block by March 2016.