US-based oil and gas production company Duma Energy has signed an agreement to acquire the outstanding stock of petroleum exploration and production company Hydrocarb.
Duma’s board of directors approved the acquisition after receiving an independent oil resource estimate for oil and gas concessions in the Owambo basin adjacent to Angola in northern Namibia.
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The merger will allow the companies to combine onshore and offshore oil and gas production in the US and a 5.3 million acre exploration concession in northern Namibia.
In addition, the merger will combine an oil field service license approved by the Supreme Petroleum Council of the UAE to involve in ongoing active negotiations with several African countries in the prolific East African Rift play.
Duma Energy CEO Pasquale Scaturro said the acquisition is a major milestone for the firm, which has tremendous upside potential.
"The Netherland, Sewell & Associates report released yesterday, estimating 1.1 billion barrels of unrisked in-place potential reserves, means that our combined company is currently trading at a tremendous value per barrel of oil," Scaturro added.
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By GlobalDataIn August 2012, Duma acquired a 39% working interest in Hydrocarb’s 5.3 million acre Owambo Basin concession located in northern Namibia.
