Duma gains 2.1 million hectare Namibia concession
Thursday, 09 August 2012 09:05
Duma Energy Corp has obtained a 39 per cent working interest in an onshore Namibia petroleum concession following completion of an agreement with Namibia Exploration Inc (NEI)
The agreement has led to NEI becoming a wholly-owned subsidiary of Duma. Consequently, the Texas-based oil firm has acquired NEI’s complete working interest in the Owamba Basin, a 2.1mn ha onshore concession situated in northern Namibia.
Duma chairman and chief executive officer, Jeremy Driver, said, “The exploration potential of this large concession is high and the preliminary data is encouraging.
"This acquisition fits our stated strategy of producing domestic cash flow in order to fund high impact international opportunities."
Duma’s operating partners in the basin include concession operator Hydrocarb Corp, who hold a 51 per cent working interest, and the National Petroleum Corporation of Namibia with 10 per cent.