Hydrocarb Energy Corporation is pleased to announce the start of a high-resolution gravity and magnetics survey over its exploration concession in the Owambo Basin in northern Namibia. The survey will be flown by UK-based Bridgeporth Ltd. and will cover Blocks 1714A, 1715, 1814A, 1815A. The 21,200 square km (5.3 million acre) concession extends from the northern border of Etosha Park to Angola, an area approximately the size of Massachusetts.
Less than 15% of the concession is covered by a vintage (1960-1990) 2D dataset. The survey will be flown at much higher spatial resolution than previous surveys, enabling Hydrocarb to delineate the structural setting and depth to basement model of the Owambo Basin with more accuracy. A regional modern 2D seismic data grid will be acquired the first half of next year.
Pasquale Scaturro, President and COO of Hydrocarb, stated, “We are looking forward to working with Bridgeporth and their experience in challenging areas throughout Africa was a key factor in our selection. Hydrocarb is eager to begin this phase of our work program as previous field studies indicate the existence of an active petroleum system in the Owambo Basin. We hope this is the next step in the opening of Africa’s newest petroleum province.”
Hydrocarb signed a Petroleum Agreement in 2011 with Namibia and in August 2012, Duma Energy Corporation farmed in as a 39% working interest partner. With an initial exploration period of four years, this work puts the exploration objectives ahead of schedule.
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