Duma Energy has announced that a geologic field survey has been undertaken by Hydrocarb Energy in the Owambo Basin in Namibia.
The survey confirmed the presence of crude oil from a probable carbonate source, according to a study performed by US-based Weatherford Laboratories.
Duma Energy’s chief executive officer, Jeremy G. Driver, said the company is encouraged by the results of the Weatherford report.
"Carbonate basins of a similar age, which are found in North Africa, Siberia, and Oman, are known for prolific oil production," said Driver.
Duma Energy owns a 39% working interest partner in Hydrocarb Energy Corporation’s onshore Owambo Basin concession.
Weatherford Laboratories undertook an independent analysis on a soil sample from the vicinity of the Etosha Petroleum 5-1A well bore. This was the only well in the entire Owambo Basin to penetrate the top of the prospective carbonate section.
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By GlobalDataHydrocarb Energy president, Pasquale Scaturro, said, "This positive news confirms our belief that a petroleum system is present in northern Namibia and that the Owambo Basin has the potential to develop into a major petroleum province."
Hydrocarb is planning to launch a second source rock study in the 5.3 million acre Owambo Basin concession.
The company also intends to be followed by an airborne high-resolution gravity and magnetic survey.
