Duma Energy has confirmed the discovery of crude oil during Hydrocarb Energy Corporation's recent geologic field survey on Namibia's Owambo Basin
According to the results of a study performed by US-based Weatherford Laboratories, the presence of crude oil was detected from a probable carbonate source from the concession in northern Namibia.
"We're very encouraged by the results of the Weatherford report," remarked Duma CEO Jeremy Driver. "Carbonate basins of a similar age, which are found in North Africa, Siberia, and Oman, are known for prolific oil production."
Weatherford examined a soil sample from the Etosha Petroleum 5-1A well bore, which is currently the only well to penetrate the top of the prospective carbonate section in the Owambo Basin. A rock study has now been scheduled for the 20234 sq metre concession, which will be followed by an airborne high-resolution gravity and magnetic survey.
Hydrocarb president Pasquale Scaturro said, "This positive news confirms our belief that a petroleum system is present in northern Namibia and that the Owambo Basin has the potential to develop into a major petroleum province."
Duma holds a 39 per cent working interest in Hydrocarb Energy Corporation's onshore Owambo Basin concession.