Azimuth Namibia (AziNam) has agreed to acquire an additional 10% stake in offshore blocks 2111B and 2211A, together known as the Guy block, from operator Eco (Atlantic) Oil & Gas.
The transaction will take AziNam’s stake in the Guy block to 30%, while Eco and state-owned National Petroleum Corp of Namibia (Namcor) will hold 60% and 10% respectively.
AziNam will bear 51% of the costs for the 1,000km² 3D survey, which will further decrease financial obligation of Eco on the block.
The transaction is subject to approval from Namibia’s Ministry of Mines and Energy.
AziNam managing director David Sturt said: "The Namibian coastline continues to offer a significant frontier exploration province holding huge exploration potential.
"We feel very fortunate to have been able to increase our interest in this block and look forward to continuing to work with our partners Eco and Namcor in the search for hydrocarbons.
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"We are planning to progress with a major seismic acquisition programme shortly; we will provide an update once the results of this new phase of work are known."
AziNam has interests in six licences and 13 blocks covering 67,000km² area in the Walvis and Luderitz basins offshore Namibia.
Through its subsidiary Eco Namibia, Eco owns four petroleum licenses issued by the Government of the Republic of Namibia.