Namibia’s Owambo Basin prospect ‘holds 1.1 billion barrels of oil’

December 5, 2013 7:42 AM

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Namibia’s Owambo Basin prospect ‘holds 1.1 billion barrels of oil’

The concession encompasses Blocks 1714A, 1715, 1814B, and 1815A, Duma Energy said.

Unrisked potential recoverable oil resources from this single prospect currently range from 46mn to 295mn barrels of oil, the independent oil and gas explorer said.

Around 15 per cent of Duma Energy’s 21,300 sq km concession has been explored with 2D seismic data. The remaining is being unexplored with plans for future regional seismic exploration.

According to Duma Energy, incase of a commercial oil discovery made in the future, it would have an additional unrisked average recoverable resource estimate of 170mn barrels of oil.

Pasquale Scaturro, Duma Energy’s CEO, said, “The results of our recently flown aerial gravity and magnetics programme are extremely encouraging and have given us numerous additional structural leads that we plan on detailing with modern seismic data. Since only 15 per cent 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 Energy has 90 per cent interest in Owambo Basin concession located in northern Namibia, along with National Petroleum Corporation of Namibia (Namcor) holding the remaining 10 per cent.

Source: oilreviewafrica.com

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