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Thursday, December 5, 2013
The independent oil resource estimate for Duma Energy Corp.’s Owambo Basin block is in. The estimate, compiled by Netherland, Sewell & Associates fInc. (NSAI), covers Blocks 1714A, 1715, 1814B, and 1815A.
Unrisked potential recoverable oil resources from this single prospect range from 46 to 295 million barrel of oil, with only around 15% of the 21,300 sq km concession being explored with 2D seismic data. The remaining 85% of the concession is currently unexplored with plans for future regional seismic exploration. Should a commercial oil discovery be made in the future it would have an unrisked average recoverable resource estimate of 170 million barrels.
Pasquale Scaturro, Duma’s CEO, stated, “We are pleased with the conclusions of the Netherland Sewell resource estimate. 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 seismic data we could have several more high potential structural prospects that would give us additional oil resources.”
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