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DUMA: Another positive test in Namibia. Potential exists for over a billion dollars of reserves

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DUMA: Another positive test in Namibia. Potential exists for over a billion dollars of reserves

By Ian Gilson, CFA

Hydrocarb Energy has released more details of the field outcrop study (mentioned below) done in the Namibia concession, in which Duma Energy () has a 39% working interest.

The study has indicated significant porosity and the presence of degraded crude oil. These studies indicate excellent porosity within the carbonate reservoir of the Huttenberg Formation. High porosity suggest that oil extraction costs would be low, depending on the  pressure at the well.

Hydrocarb Energy estimates that the Oponono Prospect could include between 1.1 billion (10% probability) and 235 million (90% probability) if oil is present.

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