Australia's Calima Energy has been awarded an operating stake in the offshore exploration block in Namibia’s Orange River basin.
Calima was awarded a petroleum agreement for offshore Block 2813B with an initial investment term of four years. During the first year Calima will undertake an evaluation of the existing data in, an around, the block. Over the four years of the initial term Calima has committed to acquire 2D or 3D seismic data and undertake a detailed prospectively review.
Calima said that the investment in Namibia provides shareholders with an interest in a high-profile emerging hydrocarbon province alongside major oil companies.
Alan Stein, Calima’s managing director commented: ”We are tremendously excited by the exploration potential of this acreage and are delighted to have been able to secure the opportunity at a time of increasing industry interest and activity in the region.
The deal offers Calima the opportunity to participate in a world-class exploration play with only a modest initial investment in new seismic data. There are a number of exploration wells due to be drilled in adjacent acreage which will provide valuable information to assist Calima’s forward investment strategy.
Stein added: "The initial four-year period for seismic acquisition and evaluation complements our core activities in Western Canada where the Company will be drilling several wells in its Montney project later in the year.”
Calima has been granted a 56 per cent operated interest in the block. Trago Energy has a 20 per cent stake. Harmattan Energy has a 14 per cent stake and NAMCOR holds the remaining 10 per cent.