Hydrocarb Energy Corp., the privately held and internationally-focused petroleum E&P headquartered in Houston, which continues to strategically emphasize the negotiation and management of production sharing contracts in major, under-explored projects from Namibia to the domestic U.S., announced alongside partner Duma Energy Corp. (DUMA) today that the initial field acquisition work has been completed on their exploration concession in Northern Namibia.
The massive 5.3M-acre concession in Namibia’s rich Owambo Basin is quite a sizeable prospect and today’s news represents the first major geophysical undertaking to be conducted on the concession (blocks 1714A, 1715, 1814A, and 1815A). Some 8.37k miles of high-res aerial gravity and magnetic surveying, flown by UK-based geoscience specialist firm, Bridgeporth Ltd., has been successfully completed. This survey carves into the whopping 85% of what is a very high potential, yet vastly underexplored concession, currently lacking any kind of modern geophysical data.
President and CEO of Hydrocarb, Pasquale Scaturro, underscored the viability of the mainly marine shale and carbonates (Otavi/Mulden Groups) being targeted here, in light of the lack of real concrete data on precise maturity of the source rock. Scaturro made a point of the fact that, while this geophysical survey is still currently in processing, the company’s existing field work has already proven the existence of crude oil from carbonate source.
Scaturro indicated that a forthcoming regional 2D seismic effort would further flesh out their ongoing exploration program in Namibia and called the recently completed survey, combined with extant geologic field work, a major milestone for the concession, one that will be absolutely vital for reading the underlying structural geology and ensuring success for the 2D seismic work. Scaturro pegged 2014 for the 2D seismic data gathering completion and assured investors that once that data was added to the overall concession profile, the company would then be able to map key reservoir traps, seals and other structures which likely contain “billions of barrels of potential oil reserves.”
The Owambo Basin still has huge stretches of totally unexplored acreage, but the Otavi Carbonates and Mulden Group have been established as superb reservoir rocks with choice permeability and even enhanced porosity, giving the basin all the potential required to become a major new petroleum province for Africa. DUMA is a solid partner choice for Hydrocarb here as well. With a demonstrated track record on their working interests in Illinois and Texas, a tight capital structure with major CEO and Insider skin in the game (6M of 13.2M shares outstanding) and a continually agnostic approach to geographical location and resource type, DUMA has proven to be a very aggressive and acquisition-focused player.
More info on Hydrocarb Energy Corp. is available at www.Hydrocarb.com
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