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Saturday, June 8, 2013
Hydrocarb Energy Corp. has concluded the tender process for its upcoming aerial gravity and magnetics program over Blocks 1714A, 1715, 1814A, 1815A in Namibia’s Owambo Basin. The entire 5.3-million acre concession will be covered with high resolution gravity and magnetics which will enable the company to program a regional reconnaissance 2D seismic grid to be acquired early-2014.
Hydrocarb and its partner Duma Energy have already conducted a significant amount geologic and geochemical field survey on their concession confirming the presence of crude oil from a probable carbonate source. This was according to a study performed by Weatherford Laboratories of Houston, Texas.
In addition to the upcoming gravity and magnetics program, the existing 2D legacy seismic data that currently exists over the concession is in the process of being reprocessed. 85% of the concession is totally unexplored since less than 15% of the concession has seismic data coverage.
Pasquale Scaturro, president of Hydrocarb stated, “We are moving forward on our Namibia exploration project and activity will accelerate as we obtain more modern data. I believe we have the opportunity to open up a new petroleum province with potential reserves in excess of the 1 billion barrels of resource estimate that has been assigned to the Oponono Prospect in Block 1815A in the southeast portion of the concession area.”
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