Oil and gas exploration company Azinam has unveiled plans to undertake a multi-well drilling campaign offshore Namibia over the next 24 months.
Through the drilling campaign, the company intends to test and verify its acreage across the Walvis Basin.
Azinam holds stake in six licences across the majority of the Walvis basin, with working interests each ranging from 20% to 42.5%.
The prospective resources contained in the licences are estimated to be more than ten billion barrels.
The company noted that the licences are strategically positioned to allow access to the multiple play types within the basin.
As well as an extensive 2D seismic database, Azinam has six modern 3D broadband seismic data surveys covering an aggregate area of more than 13,000km².
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Supported by a complete legacy well library, the database provides Azimuth with technical insights into the basin’s hydrocarbon potential.
Azinam managing director David Sturt said: “Throughout the oil price decline we continued to invest in high-resolution ‘broadband’ Geostreamer 3D seismic and Azinam has built up an enormous portfolio of over 90 leads and prospects.
“We are now optimally placed to benefit from the considerable industry excitement as the multi-well drilling programme evolves.”
The company is also set to start a process to find potential partners in order to manage and broaden its exposure across West Africa.
Azinam chairman Erik Tiller said: “With a rapidly improving market combined with a significant renewed industry appetite for exploration and upcoming drilling activity, the spotlight is firmly on Namibia.
“We have always believed in the potential of this proven hydrocarbon province and now is the right time to engage with the industry to seek strategic partners that can add value as we look to further our investment across the region at a very exciting time in the development of our company.”