Hydrocarb, Duma estimate Namibian discovery at 650m barrels

11 December 2012, Sweetcrude, Houston – Houston, Texas-based explorers, Hydrocarb Energy Corporation and Duma Energy, say their Oponono prospect onshore Namibia holds P50 potential of 650 million barrels of oil.

The companies said further estimates range from P90 potential of 235 million to a P10 potential of 1.1 billion barrels of oil.

The explorers had uncovered several new prospects including reefs and structural traps with the new data, Hydrocarb Energy chief operating officer Pasquale Scaturro said.

He added that significant progress had also been made toward identifying source and reservoir rocks at the play.

Scaturro said that an airborne magnetic and gravity survey would come next followed by planning for a new 2D seismic survey on the large-scale Owambo basin concession in northern Namibia.

Hydrocarb Energy operates the 5.3 million acre, four-block concession on a 51% stake along with partners Duma Energy on 39% and state player National Petroleum Corporation of Namibia (Namcor) on 10%.

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