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Friday, May 30, 2014
The Environmental Assessment program Hydrocarb Energy’s Owambo Basin concession comprised of Blocks 1714A, 1715, 1814A, 1815A in northern Namibia has commenced.
Results from a recently flown aerial gravity and magnetics program have identified 16 new structural leads which will be the focus of a regional exploration 2D seismic acquisition program in 2014-2015. Currently only 15% of the concession is covered by modern 2D seismic data.
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.
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, and our next step is to bring in an industry partner to expand our exploration efforts in the Owambo Basin.”
Hydrocarb Energy holds a 90% working interest in the concession in northern Namibia with Namcor holding the remaining 10%.
Extensive geologic field studies have were completed last year proving the existence of excellent high-porosity reservoir rocks as well as soil sampling indicating the presence of crude oil derived from a carbonate source.
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