Drillship to Spud Offshore Namibia Well



Drillship to Spud Offshore Namibia Well
The Ocean Rig Poseidon has been mobilized to drill the Prospect S Well in Petroleum Exploration License (PEL) 71 offshore Namibia.

The Ocean Rig Poseidon has been mobilized to drill the Prospect S Well in Petroleum Exploration License (PEL) 71 offshore Namibia, Azinam Limited and operator Chariot Oil and Gas reported Friday.

“We are delighted to announce the mobilization of the Ocean Rig Poseidon as well approach drilling on Prospect S, the first well of our multi-well, multi-year drilling program,” Daniel McKeown, managing director of Namibia-based and Seacrest Capital Group-backed Azinam said in a written statement. “Azinam is unique in this highly prospective part of the Southern African Atlantic Margin due to our license footprint, G&G database and the scale of our drilling plans.”

Azinam stated Friday morning that Ocean Rig Poseidon, a sixth-generation deep water drillship, should be onsite “in the next 24 hours” and that spudding should occur shortly thereafter. The well is designed to test multiple zones including Aptian, Albian and Ceomanian-Turonian stacked targets within an overall structural closure, the company added. Moreover, the company noted that its most recent competent persons report by Lloyds Register indicates total gross mean prospective resources of 708 million barrels.

In a separate announcement Friday, Chariot stated that Netherland Sewell Associates, Inc. has independently estimated a gross mean prospective resource of 459 million barrels and a 29-percent probability of geologic success for Prospect S.

Azinam, which is backed by Seacrest Capital Group, owns a 20-percent stake in PEL 71. Chariot holds a 65-percent interest. Other partners include NAMCOR (10 percent) and Ignitus Oil & Gas (5 percent). Azinam noted that the partners estimate drilling to take approximately 40 days.



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