Project Profile
Value: Undisclosed
Location: Owambo region, Northern Namibia
Area: 5 million acres
Start-up Year: -
Hydrocarb Energy Corporation completed a farm-out agreement with Duma Energy Corporation. Duma acquires a 39% working interest in Owambo blocks 1714A, 1715, 1814A and 1815A in northern Namibia. The concession covers over 5 million acres. Northern Namibia has all of the key ingredients for becoming a major oil province, including good reservoir and source rocks. Hydrocarb, as 51% owner, retains its role as operator on all blocks. The new partnership includes NAMCOR, the Namibian National Oil Company as a 10% partner, and Duma at 39%. The commercial terms for the Owambo Petroleum Contract are highly favorable with reasonable onshore operating and exploration costs. Namibia, an English speaking democracy, has proven to be one of the most stable countries on the continent.
Operators:
Hydrocarb Energy Corporation: Operator with 51% interest
Duma Energy: 39% interest
NAMCOR: 10% interest