Duma confirms crude oil discovery in Namibia
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.