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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.