Azinam acquires more strategic acreage
Azinam has used the festive season break to increase its working interest in what it deems strategic acreage off the coast of Namibia, increasing working interest by over 70% across the three blocks it has an interest in pending the approval of the Ministry of Mines and Energy.
Eco Atlantic Oil and Gas Namibia recently announced that it relinquished a portion of its working interest in its Sharon, Cooper and Guy Blocks respectively. In addition, Azinam now holds operator-ship in the Guy Block. Working interest in the Guy Block equates to 32.5%, 30% in the Sharon Block and 40% in the Cooper Block.
“These transactions demonstrate our belief and long term commitment to unlocking the hydrocarbon potential of offshore Namibia within the Walvis Basin,” said Azinam Managing Director, David Sturt.
He added, “This position has provided AziNam with a unique, high-quality and expansive dataset over the Walvis Basin, which we are using to continually evolve and elevate our understanding of the basin. This work continues to highlight the presence of a large number of world class prospects within the basin and is the reason why we have been further strengthening our portfolio by taking additional equity positions in key blocks.”Gil Holzman, Chief Executive Officer of Eco Atlantic said, “We are delighted to have the opportunity to enter into this transaction with our long time strategic block partner, Azinam. With the significant reduction of our financial commitments on the blocks over the short to medium term on the one hand, and with earning meaningful cash contribution on the other, we are perfectly positioned to further progress our offshore licenses in Namibia together with our partners Azinam and Tullow Oil, and explore additional opportunities.”