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Thursday, April 24, 2014
Hydrocarb Energy Corp. received the final comprehensive report on its recently acquired high-resolution aerial gravity and magnetics survey flown over its Owambo Basin exploration concession in northern Namibia.
The independent analysis and interpretation has indicated the existence of up to 16 additional structural leads in blocks 1714A, 1715, 1814B, and 1815A. The company intends to delineate these new leads with the acquisition of approximately 750 km of modern 2D seismic data. Permitting and environmental assessment operations for the upcoming seismic program have commenced.
Chuck Dommer, Hydrocarb’s president, stated, “The results of our recently flown aerial gravity and magnetics program are extremely encouraging and have given us numerous additional structural leads that we plan on detailing with modern seismic data. Since only 15% of our concession is currently covered by legacy 2D seismic we could have several more high potential structural prospects that would give us additional oil resources.”
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 as well as soil sampling indicating the presence of crude oil derived from a carbonate source.
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