ExxonMobil farms in to block off Namibia

ExxonMobil Namibia (PEL44) Ltd has agreed to acquire a 30% interest in petroleum exploration licence 44 (PEL44) in the Walvis basin offshore Namibia from Azinam Ltd.

Water depths in the 5,722-square kilometre block range from less than 300 metres to more than 2,500 metres.

The deal is subject to government approval and other conditions.

Azinam said it acquired 2,000 square kilometres of 3D seismic data over the area in 2016. After interpretation, it acquired an additional 1,160 square kilometres of data now being processed.

Azinam will retain a 12.5% interest. Maurel & Prom of Paris, the operator, has 42.5%. Carried Namibian partners are National Petroleum Corporation of Namibia, 8%; Livingston Mining, 4%; Frontier Minerals, 3%.

Azinam is part of the Azimuth Group, an offshore exploration and production portfolio management company formed by Seacrest Capital Group, a private equity firm based in Bermuda.

Source: Oil & Gas Journal