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Wednesday, November 28, 2012
Hydrocarb Energy Corp. released additional results from a recent field outcrop study on its northern Namibia concession. The company said that the final lab analyses have indicated significant reservoir porosity as well the presence of degraded crude oil.
The concession blocks (1714A, 1715, 1814A, 1815A) are located in the under-explored and highly prospective Owambo Basin, operated by Hydrocarb Energy and held with partners Duma Energy and Namcor.
Hydrocarb said that the partnership is encouraged by the results of the initial prospect evaluation. Oil from probable carbonate sources has been detected in soil samples collected at the previously drilled and tested Etosha 5-1A well and were analyzed and identified by Weatherford Laboratories.
Reservoir rock outcrop studies have indicated good lateral extent, thickness, and porosity of target reservoir facies. Porosities in the primary carbonate reservoir objective, Huttenberg Formation, exceed 36% total porosity and range from 22%-37%.
In-house resource estimates at the structural Oponono Prospect range from 235 million (P90) up to a potential 1.1 billion (P10) barrels of oil. P50 resources at Oponono Prospect are estimated at 650 million barrels of oil. Additional prospects have been identified including reefs and several structural traps.
Pasquale Scaturro, president and COO of Hydrocarb said, “We believe the Owambo Basin has all the ingredients to become a major new hydrocarbon province. We’ve discovered several new prospects and significant progress has been made towards identifying source and reservoir rocks. Hydrocarb Energy Corporation is continuing with its aggressive work program, including an airborne magnetic and gravity survey and the planning of new 2 dimension seismic data.”
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