Duma Energy receives 1.1-billion-bbl P10 estimate for Namibia concession
HOUSTON -- Duma Energy has received from Hydrocarb Energy Corporation additional results from a recent field outcrop study on its 5.2 million acre concession in northern Namibia. Final lab analyses have indicated significant reservoir porosity as well as the presence of degraded crude oil.
In-house resource estimates at the structural Oponono Prospect range from 235 million (P90) up to a potential 1.1 billion (P10) bbl of oil. P50 resources at Oponono Prospect are estimated at 650 million bbl. Additional prospects have been identified including reefs and several structural traps.
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%.
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 in Houston, Texas.
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 with a 39% working interest and Namcor with 10%.
Pasquale Scaturro, President and COO of Hydrocarb, commented, "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 two-dimensional seismic data."
"This marks another milestone for our 5.3 million-acre concession in the Republic of Namibia in southern Africa," stated Jeremy G. Driver, Chief Executive Officer of Duma Energy. "The resources of the Namibian concession increasingly appear to have the potential to add significant value to Duma and its shareholders. We remain very encouraged by the results and look forward to providing our shareholders with even greater insight into these project developments as they become available."