Petroleum Africa
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Thursday, November 20, 2014
Hydrocarb Energy confirmed it is in ongoing discussions with several international energy firms who have expressed an interest in its Owambo Basin Concession in Namibia. The company has executed three confidentiality agreements to date with firms interested in forming a JV to explore the concession blocks in northern Namibia comprising 21,300 sq km adjacent to the Angola border.
Hydrocarb Energy holds a 90% working interest in the highly prospective Owambo Basin concession with Namcor, the Namibian national oil company, holding the remaining 10%. Extensive geologic field studies were completed last year proving the existence of excellent high-porosity reservoir rocks, potential source rocks, in addition to soil sampling indicating the presence of crude oil from a well test. Recent aerial gravity and magnetics analyses have identified 16 new structural leads while approximately 15% of Hydrocarb’s concession has been explored with modern 2D seismic data to date.
Chuck Dommer, Hydrocarb’s President, stated, “With the discovery of 16 new leads and last year’s field study results, we are moving ahead with seismic studies, and our next step is to bring in an industry partner to expand our exploration efforts in the Owambo Basin.”
Netherland, Sewell & Associates, Inc. (NSAI) has assigned 1.1 billion barrels of unrisked potential in-place oil resources in the Oponono Prospect located in a portion the concession. Unrisked potential recoverable oil resources from this single prospect range from 46 to 295 million barrels of oil (MMBO).
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