Hydrocarb Energy seeking partner for Owambo Basin blocks, onshore Namibia
800 Gessner Road, Suite 375, Houston 77024, Texas, USA
February 22, 2015 at 3:26 pm
Type of Deal:
Hydrocarb Energy Corp has announced it is preparing to issue Request For Proposals to four seismic acquisition contractors to complete a 750km 2-dimensional seismic program on its 21,300 sq km (5.3 million acre) Owambo Basin concession. Comprising Blocks 1714A, 1715, 1814A, and 1815A in northern Namibia, the concession is adjacent to the Angola border. Seismic data will be acquired to confirm 16 new structural leads discovered by a proprietary aerial gravity and magnetics program the Company flew in 2013. Approx. 15% of Hydrocarb’s 21,300 sq km (5.3 million acre) concession has been explored with modern 2D seismic data to date. Environmental Assessment work, currently underway, will be complete in early 2015 as a prerequisite to the seismic project.
Netherland, Sewell & Associates, Inc. (NSAI) has assigned 1.1 billion barrels of unrisked potential in-place oil resources in the Oponono Prospect. Unrisked potential recoverable oil resources from this single prospect range from 46 to 295 million barrels of oil (MMBO). Chuck Dommer, Hydrocarb’s President stated, ‘We are moving ahead with the seismic project, and our next step is to bring in an industry partner to expand our exploration efforts in the Owambo Basin.’
Hydrocarb Energy holds a 90% working interest in the highly prospective Owambo Basin concession in northern Namibia with Namcor, the Namibian National Oil Company, holding the remaining 10%. Extensive geologic field studies were completed last year 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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