Monday 1 October 2018

Azinam Limited, the Seacrest Capital-backed South West African oil exploration company, announced that the Ocean Rig Poseidon has been mobilised to drill the Prospect S Well in Petroleum Exploration Licence (PEL) 71, offshore Namibia.

The Ocean Rig Poseidon, a sixth generation deep water drillship, is expected on location in the next 24 hours with spud anticipated to occur shortly thereafter. The partners in PEL 71 (Chariot Oil & Gas (Operator and 65%), Azinam (20%), NAMCOR (10%) and Ignitus Oil & Gas (5%)) estimate that drilling will take approximately 40 days.

The well has been strategically designed to test multiple zones including Aptian, Albian and Cenomanian-Turonian stacked targets within an overall structural closure. The total gross mean prospective resources is 708mmbls, according to Azinam’s most recent Competent Persons Report by Lloyds Register in September 2018.

In addition to Prospect S, there is considerable follow-on potential within PEL 71 in several analogous adjacent structural closures all of which are clearly defined on 6,100km² of high quality broadband 3D seismic data.