AziNam Announces New Licence for Blocks 2312 and 2412A, Offshore Namibia

   AziNam Announces New Licence for Blocks 2312 and 2412A, Offshore Namibia

  PR Newswire

  HAMILTON, Bermuda, August 28, 2014

HAMILTON, Bermuda, August 28, 2014 /PRNewswire/ --

AziNam Ltd., ('the Company") the offshore Namibia focused exploration company,
is pleased to announce that a new licence has been issued for Blocks 2312A&B
and 2412A&B, now renamed as Blocks 2312 and 2412A (the Central Blocks),
offshore Namibia, operated by Chariot Oil & Gas ("Chariot") (CHAR:LN).

The newly awarded license has a three year Initial Exploration Phase which
commenced on the 27 ^th of August 2014, with a work commitment including the
acquisition and processing of 1,500 km ^2 of 3D seismic. 

As part of the process, AziNam increased its holding by an additional 10%,
resulting in a 20% working interest in the licence. The Namibian State Oil
Company, NAMCOR, and a local partner, Ignitus Oil and Gas (PTY) Ltd, also
entered the licence, holding 10% and 5% respectively.

Following the completion of the transaction, the working interest positions in
Blocks 2312 and 2412A will be as follows:

    Chariot Oil & Gas   65% (Operator)
    AziNam Ltd.         20%
    NAMCOR              10%
    Ignitus Oil & Gas   5%

AziNam Managing Director, David Sturt, comment ed: 

"This is the second licence offshore Namibia in which we have successfully
increased our working interest in recent weeks and is yet another increase to
our already significant portfolio. 

"The transaction demonstrates our belief and long term commitment to unlocking
the hydrocarbon potential of offshore Namibia, within the Walvis Basin and we
look forward to further exploring this new licence with our partners and the
Government of Namibia." 

Notes to Editors: 

AziNam, the Seacrest Group backed E&P company, holds interests in a total of 6
licences and 13 Blocks covering c. 67,000km ^2 , across the Walvis and
Luderitz basins offshore Namibia, partnering with Maurel et Prom, Chariot Oil
and Gas, and Eco (Atlantic) Oil and Gas.

Namibia is an under-explored oil and gas province with high potential which is
gaining increasing industry attention from a number of major operating oil

A combination of heightened industry interest in the country coupled with
recent licensing and exploration success in geologically analogous regions
within the South Atlantic margins, including the Falkland Islands, Brazil,
South Africa and Angola, has made the region one of the most attractive
potential hydrocarbon provinces in the global arena.

Seacrest Capital Group is a leading energy investor specialising in offshore
exploration, leveraging its proprietary assets and relationships to build a
diversified, global portfolio of regionally focussed oil and gas exploration
companies. Since 2011, Seacrest Capital Group has invested in a number of
successful start-ups in the United Kingdom and Norwegian North Sea, West
Africa, Ireland, South East Asia and South America. As a result of Seacrest's
support, AziNam is in a strong position to take advantage of and build on
further opportunities as they arise in the offshore Namibia regions.

Contacts:David Sturt AziNam Limited +971-55-191-9808 
Vigo Communications   Patrick d'Ancona  Chris McMahon  
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