AziNam is one of six regionally focused exploration companies funded by the Seacrest Capital Group. It has six licences off the shore of Namibia, roughly divided into three partnerships: Chariot Oil and Gas, Eco Atlantic Oil & Gas with Tullow Oil, and Maurel et Prom.
"We have already acquired two broadband 3D seismic surveys and are planning more in the second half of 2015 and into 2016, and have integrated all of our data into a comprehensive, constantly evolving study," said AziNam's MD, David Sturt.
"Access to all the data available over the basin, especially the proprietary data from our six licences, has given us a pretty good picture of the whole basin, an invaluable perspective when it comes to frontier exploration. Not only is it unique, but it's also the most prudent way to go about finding commercial hydrocarbons offshore. Having a postage stamp licence with a focused dataset isn't going to give you the best chance of finding oil in this area."
Sturt will be a keynote speaker at this year's Oil Council Africa Assembly, taking place in Paris from 23 to 25 June.
A key feature of the company's plans going forward is to look at why a number of wells have come up dry in the past year.
"We have obviously studied in great detail all the dry holes off the shore of Namibia and what we quickly realised is that a lot of the wells would not have been drilled with the benefit of good-quality modern 3D seismic.
"There are even some doubts about the validity of the prospects that have been drilled more recently. What the dry holes did do is to de-risk the petroleum system in the Walvis Basin. The wells have proved all the elements of a petroleum system; in other words, mature effective source, reservoir, seal and traps. We just need to find all the ingredients in the right mix."
Sturt said once this had been achieved, Namibia's potential as a seat of oil and gas exploration would be untold.
"We continually look at new countries and opportunities around Africa, and each time we look outside the country it reinforces our view of the attractiveness of the opportunities available within Namibia.
"We opportunistically look at inorganic growth, particularly as we have such a large database which we can leverage to identify opportunities which are not fully understood."
