Africa Oil & Gas: Hydrocarb Energy seeking partner for Owambo Basin blocks, onshore Namibia

Hydrocarb Energy is looking to bring in an industry partner to expand its exploration efforts in the Owambo Basin. Results from a recent aerial gravity and magnetics program have identified 16 new structural leads which will be the focus of a regional exploration 2D seismic program in 2015.

Hydrocarb Energy holds a 90% working interest in the highly prospective Owambo Basin concession in northern Namibia with Namcor, the Namibian National Oil Company, holding the remaining 10%. Extensive geologic field studies were completed last year proving the existence of excellent high-porosity reservoir rocks as well as soil sampling indicating the presence of crude oil derived from a carbonate source.