ExxonMobil Namibia, an affiliate of Exxon Mobil Corp., has entered an agreement with Namibian explorer Azinam Ltd. to acquire a 30% interest in petroleum exploration license (PEL) 44 offshore Namibia, according to a news release on Aug. 14.
Azinam, which is backed by the Seacrest Capital Group, will retain a 12.5% interest with Maurel and Prom, the license operator, retaining its current 42.5% equity interest, Azinam said in the release. Namibian partners NAMCOR, Livingstone Mining and Frontier Minerals would also retain their carried interests of 8%, 4% and 3%, respectively.
The acquisition is subject to government approval and other conditions.
PEL 44 is located in the Walvis Basin and covers 5,722 sq km (2,209 sq miles) in water depths ranging from less than 300 m (984 ft) to more than 2,500 m (8,202 ft). Azinam said in 2016 that it acquired a 2,000-sq-km (772-sq-km) 3-D seismic survey, and following interpretation the company acquired an additional 1,160 sq km (448 sq miles) of new data. Data processing is ongoing.
“Since we announced our intention to drill multiple wells offshore Namibia, we have contracted the Ocean Rig Poseidon to drill Prospect S in PEL 71 and now welcome ExxonMobil onto PEL 44,” Azinam Chairman Erik Tiller said in the release. “We continue to be extremely active in our technical evaluation and in engaging the industry as we seek appropriate strategic partners to join us in the next phases of our license developments.”