Hamilton, Bermuda – 2nd November, 2017:
Azinam Limited (“Azinam”), the Seacrest Capital Group-backed E&P company focused on offshore Namibia, has been informed by Eco Atlantic Oil & Gas Ltd (“Eco”), Operator of PEL30, that approval has been received to release its Public Notice for Environmental Clearance Certificate (“ECC”) to drill an exploration well within the Osprey Lead on the offshore “Cooper” Block (PEL30) in the Walvis Oil Basin in North Central Namibia.
The current working interest positions in the Cooper Block is as follows:
Eco Atlantic 32.5%
Azinam Ltd 32.5%
Tullow Oil* 25%
NAMCOR (the National Petroleum Corporation of Namibia) 10%
Tullow Oil has the option to increase its stake by 15%, in exchange for a well carry and payment of all pro-rata past costs.
The Osprey prospect is located in the Cooper Block (PEL30), in approximately 500 metres water depth. The prospect is covered by 1,100km² of 3D seismic data which was acquired and processed by PGS Geophysical.
Azinam Managing Director, David Sturt, commented:
“A significant amount of data interpretation has been undertaken, which has provided the partners with confidence in the selection of the optimum drilling location. We have a long term commitment to unlocking the hydrocarbon potential of offshore Namibia and the resurgence of activity in the region we find extremely promising. We look forward to working with our partners in the licence as we enter the next phase of exploration.”