AziNam opens Dubai office

The company, backed by the Bermuda-based energy investment group Seacrest Capital Ltd., holds interests in 6 licences covering c. 67,000km2, across the Walvis and Luderitz basins.

A combination of heightened industry interest in the country coupled with recent licensing and exploration success in geologically analogous regions, including the Falkland Islands, Uruguay and Angola, has made the region one of the most attractive potential hydrocarbon provinces within the industry currently.

AziNam Managing Director, David Sturt, commented: "We believe that the Namibian Offshore region offers a truly unique opportunity to encounter world class prospects which have only recently been identified due to the application of modern exploration techniques combined with increasing exploration success in other analogous parts of the South Atlantic margin.

The next 18 months will see significant exploration activity in Namibia, with a number of third parties engaged in exploration drilling and the continued seismic surveying in this high-potential exploration province. Corporate activity continues apace, with news of new entrants to the region and existing participants advancing their exploration programmes.

In addition to the data already acquired, over the next 4 years, the company plans to acquire further 3D seismic data across various licences and to participate in the drilling several high impact exploration wells. We look forward to working with NAMCOR and our partners to realise the full potential of this acreage.

Our new office in Dubai locates AziNam in one of the world's leading business centres. Locating in Dubai's JLT Free Zone will provide us with access to a rich pool of oil industry talent and proximity to key African markets. We look forward to a long and productive relationship with the region. "