Following the recent farm-out agreement with Duma Energy Corporation, Hydrocarb Energy Corporation is pleased to issue an update on its exploration activity in the Owambo Basin, Namibia. Highlights include:
August 31, 2011: The Petroleum Agreement for Blocks 1714A, 1715, 1814A, 1815A is signed.
September 23, 2011: Petroleum License #0038 issued; valid for 4 years. Since that time Hydrocarb has obtained all currently available raster and digital seismic data, well data and geophysical and geological (G&G) reports in the Owambo Basin.
April 17, 2012: The initial Technical Advisory Committee meeting is held in Windhoek, Namibia resulting in full approval for Hydrocarb’s work program and budget by the Ministry of Mines and Energy (MME).
Hydrocarb is currently undertaking a review and analysis of all known technical G&G reports, data, and studies including aeromagnetic/gravity surveys; reprocessing selected seismic lines for initial reconnaissance mapping; and updating the 2004 NSAI Resource Estimate to include new data and G&G studies.
Pasquale Scaturro, Hydrocarb’s President commented, “Hydrocarb continues to acquire all available technical data including drilling, seismic, magnetic and gravity data, core data, drill cuttings and mud logging reports, and existing reports relating to prospectivity for hydrocarbons in the license area. We’re now getting ready to fly aeromagnetic and gravity surveys to prepare for upcoming acquisition of regional 2D seismic data.”
July 2012: A team of geologists from Hydrocarb and Namibia’s MME undertook a two week field study in the Owambo Basin visiting numerous outcrops and completing a comprehensive analysis of source and reservoir rock. Samples are currently being analyzed by an independent laboratory.
August 2012: Hydrocarb completes a farm-out agreement with Duma Energy Corporation. Houston-based Duma acquires a 39% working interest in the 5.3 million acre Owambo concession.
