Hydrocarb Energy has announced that it has signed a Letter of Intent (LoI) for its 100 per cent stock purchase by Duma Energy Corp in Namibia
In 2012, Duma Energy Corp had purchased a 39 per cent working interest in Hydrocarb Energy’s highly prospective 5.3mn acre Owambo Basin concession in northern Namibia.
Jeremy G. Driver, chief executive officer of Duma Energy Corp, said, “Hydrocarb Energy’s wealth of experience in oilfield development and high-potential international exploration, combined with our proven domestic oil and gas assets creates a powerful alliance that will greatly increase shareholder value.”
As part of its work programme, Hydrocarb Energy is currently in process of acquiring a high-resolution aerial gravity magnetics survey over the concession.
In addition to its Namibia concession, it is also currently in final negotiations for production-sharing contracts (PSCs) with other African nations in the prolific East African Rift play, which has reportedly seen multi-billion barrel discoveries in recent years.
Pasquale Scaturro, president of Hydrocarb, said, “The production from Duma Energy Corp’s domestic assets will become an engine that contributes to our international exploration programme. We’re really excited about the opportunities that this merger will present and believe it will greatly enhance value to both shareholder groups.”
