Duma Energy, whose solid footprint of oil and gas working interests both on and off-shore in Texas at their Welder Ranch (81-acre site, estimated project potential reserves up to 50 MMBO and BCF of gas) and Galveston Bay assets (four fields spanning over 20k acres total tapping prolific Miocene/Trio reservoirs), enhanced by growing interests in the Republic of Namibia, reported today that they have received an independent oil resource estimate for a portion of their 5.3M acre onshore Owambo Basin concession in Namibia. Considering that DUMA recently announced (Aug 14) a merger with their partner in the concession, Hydrocarb Energy, after which the combined company will control 100% of the WI through discovery, investors should take special note of this latest report.
Just one part of this massive concession in the hydrocarbon rich north of Namibia (near the border with Angola), the Oponono Prospect, has been assigned a whopping 1.1B barrels of unrisked in-place potential by independent global petroleum consultancy firm Netherland, Sewell & Associates, Inc., firmly reinforcing the soundness of DUMA's strategic move into this basin. We are talking 46M to 295M barrels here and with only 15% of the company's gigantic territory currently explored via 2D seismic, shareholders should be licking their chops as regional exploration programs are carried out on the remainder.
CEO of DUMA, Pasquale Scaturro, leaning on a future commercial oil discovery that would have an average recoverable resource estimate of around 170 MMBO, thanked the Netherland Sewell team for their hard work and projected confidence to markets that encouraging results from the company's recent exploration program, consisting of both aerial gravity and magnetic analysis, jogged with this latest data nicely. DUMA has a clear map and target array to chase with seismic data thanks to the aerial exploration, with several more resource growing structural prospects to look at as their project advances.
The marine shale and carbonate source rock (Otavi Carbonates and Mulden Group are the primary ones) is extensive throughout the basin, with the Otavi having been firmly established as a high quality target bearing enhanced porosity and permeability. With considerable empirical data indicating a mature petroleum system that has active migration and much of the Owambo Basin still largely unexplored, DUMA is extremely well-positioned to deliver shareholder upside on this project. The success of the recent aerial gravity-magnetics work (over 8.3k miles of high-res data) will be key to maximizing the company's 2014 seismic acquisition plan and everyone at DUMA is really buzzing over the Owambo basin potential they currently have locked in their sights.
The company's Galveston Bay activities recently saw start of production from their first project in the ongoing 18-well development program too this mid-October and with 89 BOPD output, DUMA stands to pull down $2M in revenues off this one flow alone given consistent rates.
To learn more visit the Duma Energy Corp. website at www.Duma.com
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