05 August 2014, News Wires – Namibia-focused player AziNam has increased its footprint in the frontier African nation after taking an additional stake in an offshore block.
The company, backed by a Bermuda-based investment fund, is getting 10% more in blocks 2111B and 2211A, together known as the Guy block, from operator Eco (Atlantic) Oil & Gas.
The increase will take AziNam up to 30% alongside Eco on 60%, while state-owned National Petroleum Corp of Namibia (Namcor) holds 10%.
AziNam said on Tuesday it is “planning to progress with a major seismic acquisition programme shortly” off Namibia.
The company made a splash in the Namibian offshore scene in late 2012, when it bought up interests in 13 oil exploration blocks covering more than 67,000 square kilometres.
On Tuesday 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.”