Duma Energy confirms presence of crude oil in Owambo Basin

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.

Hydrocarb 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.