Petroleum Africa
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Thursday, August 15, 2013
Duma Energy Corp. signed a letter of intent to acquire 100% of the outstanding stock of Hydrocarb Corp. In August 2012, Duma purchased a 39% working interest in Hydrocarb’s highly prospective 5.3 million-acre Owambo Basin concession in northern Namibia, and now wants the whole stake. If the merger goes through, Dumas will control the block with a 100% interest through discovery.
As part of its work program, Hydrocarb is currently acquiring a high-resolution aerial gravity magnetics survey over the entire concession.
The merger may give Dumas even more African acreage as Hydrocarb is currently in the midst of final negotiations for lucrative PSCs with several countries located in the prolific East African Rift play.
Jeremy G. Driver, CEO of Duma stated, “Hydrocarb’s wealth of experience in oilfield development and high-potential international exploration, combined with Duma’s proven domestic oil and gas assets creates a powerful alliance that will greatly increase shareholder value.”
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