Azinam announces results of the Prospect S Well offshore Namibia

Azinam press release

Windhoek, Namibia – Thursday, October 11, 2018:

Azinam Group Limited, the Seacrest Capital-backed South West African oil exploration company, announces that the Prospect S Well in Petroleum Licence (PEL) 71 offshore Namibia, was safely drilled to a total depth of 4,165m. The anticipated stacked target reservoirs were penetrated and the well encountered wet gas shows, indicating the presence of hydrocarbons in the system. Commercial hydrocarbons were not encountered. The well will be plugged and abandoned.

The partners in PEL 71 are Chariot Oil & Gas (Operator and 65%), Azinam (20%), NAMCOR (10%) and Ignitus Oil & Gas (5%). The well penetrated the anticipated turbidite reservoir sands in-line with pre-drill prognosis, however the reservoirs were water-bearing. The well was delivered efficiently and on time. The data collected will now be used to further evaluate the prospectivity of the surrounding area and to gain a greater understanding of the adjacent prospects. A further update will be provided once wireline well logging operations have been completed and analysed.

The well was operated by Chariot Oil & Gas and drilled by the Ocean Rig Poseidon.

Daniel McKeown, Managing Director of Azinam Group Limited, commented:

“While we are disappointed with the result of the Prospect S well, the operations were executed in a timely, safe and efficient manner and there are invaluable learnings that can be extracted from the significant amount of data that has been gathered from the well. These will undoubtedly inform our future exploration plans in the surrounding area. We remain focused on our multi-well drilling program with prospects across the Walvis, Luderitz and Orange Basins in the Southern African Atlantic Margin offshore Namibia and South Africa. We’d like to thank Operator, Chariot Oil & Gas, the crew of the Ocean Rig Poseidon and all of the parties involved in drilling this well.”