AziNam Provides Update on Namibia Holdings

Source: 8/8/2013, Location: Africa

AziNam Ltd., the offshore Namibia focused exploration company, reports that following the completion and evaluation of an extensive, 5,500km 2D PGS GeoStreamerTM and GeoSourceTM seismic survey, Maurel et Prom have elected to exercise a 5.5% back-in right to AziNam’s interest in exchange for reimbursing 5.5% of all back costs. Once the transfer is executed, Maurel et Prom and AziNam will each hold a 42.5% interest in exploration licences 44 & 45, covering Blocks 2212B, 2313A, 2313B and 2413A. Maurel et Prom will continue as operator.

The exercising of this option provides further confirmation of the significant prospectivity of these Blocks, particularly after the discovery of a mature Aptian marine source rock in both of the recent HRT exploration wells located adjacent to the licence area.

AziNam notes the recent results of the “Murombe” exploration well, drilled by HRT Participaçoes S.A. and partners in block 2212A. The well provided further evidence that a good mature Aptian-age marine source unit is active in the basin. In addition, the shallower Baobab fan system is reported to have contained 36m of reservoir, although this was found to be water wet.

AziNam will now focus on identifying the oil migration path from this prolific source, and which prospects lie within this pathway.

AziNam Managing Director, David Sturt, commented:
“The two recent HRT wells have significantly advanced our understanding of the hydrocarbon potential of our exploration licences. We now have a proven laterally extensive mature oil source rock along the offshore margin where our exploration licences are located. Combined with this proven source unit we have been able to use the most advanced broadband seismic data (Geosource 2D & Geostremer 3D) to progress our understanding of this emerging exploration play.

In addition to the proven source unit we note that in the Murombe well the main reservoir target, the Cretaceous Basin-floor fan were much less developed than anticipated, while the shallower Boabab target contained a reservoir but was found to be water wet. Data collected from recent drilling demonstrates, however, that the offshore Namibian Basins contain all the ingredients of a working hydrocarbon system.

The recent back-in for an additional 5.5% interest in AziNam licences 44 & 45 by Maurel et Prom provides added third party confirmation of the prospectivity of the area.

Further third party exploration wells are expected in Namibia over the next 12 months which will provide additional data.”

For more information about related Opportunities and Key Players visit West Africa Projects

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

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