Duma Energy Corp announced that it has received an independent oil resource estimate for its oil and gas concession in the Owambo Basin, adjacent to the Angola border in northern Namibia.
Netherland, Sewell & Associates, Inc. (NSAI) has assigned 1.1 billion barrels of unrisked potential in-place oil resources in the Oponono Prospect located in a portion the concession, jointly operated by Duma and Hydrocarb Energy, encompassing blocks 1714A, 1715, 1814B, and 1815A. Unrisked potential recoverable oil resources from this single prospect range from 46 to 295 million barrels of oil (MMBO). Approximately 15% of Duma’s 21,300 square km (5.3 million acre) concession has been explored with 2D seismic data. The remaining 85% of the concession is currently unexplored with plans for future regional seismic exploration. Should a commercial oil discovery be made in the future it would have an unrisked average recoverable resource estimate of 170 MMBO.
Pasquale Scaturro, Duma’s CEO, stated, “We are pleased with the conclusions of the Netherland Sewell resource estimate. The results of our recently flown aerial gravity and magnetics program are extremely encouraging and have given us numerous additional structural leads that we plan on detailing with modern seismic data. Since only 15% of our concession is currently covered by seismic data we could have several more high potential structural prospects that would give us additional oil resources.”
Duma is a 39% working interest partner in Hydrocarb Energy’s highly prospective Owambo Basin concession in northern Namibia along with Namcor holding the remaining 10%. Extensive geologic field studies have recently been completed proving the existence of excellent high-porosity reservoir rocks as well as soil sampling indicating the presence of crude oil derived from a carbonate source.
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