Hamilton, Bermuda – 21st November, 2017:
Azimuth Namibia Limited, a wholly owned subsidiary of Azinam Limited (“Azinam”), the Seacrest Capital Group-backed E&P company focused on offshore Namibia, notes that ONGC Videsh Vankomeft Ptel Ltd. (“OVVL”) has signed definitive binding agreements with Tullow Namibia Limited (“Tullow”), a wholly owned subsidiary of Tullow Oil plc, to acquire a 15% participating interest in PEL30 (“the Licence”) in the north of the Walvis Basin.
The acquisition is subject to satisfaction of customary conditions, including Namibian regulatory approvals and partner approvals, as well as the grant of a 12 month extension to the First Renewal Exploration Period by the Namibian regulatory authority.
Following completion of the transaction, the working interest positions in PEL30 will be as follows:
Eco Atlantic 32.5%
Azinam Ltd 32.5%
NAMCOR (the National Petroleum Corporation of Namibia) 10%
Tullow Oil 10%*
The partners in the Licence are currently carrying out data evaluation on 2D and 3D seismic to identify optimum drilling locations. *Tullow Oil has the option to increase its stake by 15% and assume operatorship from Eco Atlantic Oil and Gas, in exchange for a well carry and payment of all pro-rata past costs.
Azinam Managing Director, David Sturt, commented:
“This transaction comes at an exciting time for both Azinam and exploration in offshore Namibia. Interest and activity levels, particularly within the Walvis Basin, are increasing. We believe that there is huge potential within the licence, which the partners are moving closer to unlocking. We look forward to working with ONGC and all of our partners as we continue to mature our understanding of PEL30 and the Walvis Basin as a whole.”