Duma will acquire full ownership of Namibia Exploration and its 5.3-million acre petroleum concession in Africa.
Duma Energy Corp., a producer of oil and gas in the continental United States, both on and offshore, today announced that it will acquire a 100-percent stake in Namibia Exploration Inc. (NEI), which holds the rights to a 39-percent working interest in an onshore Namibian petroleum concession spanning about 5.3 million acres.
Per the acquisition, Duma will hold its indirect working interest in the concession in partnership with the National Petroleum Corporation of Namibia Ltd. (NPC Namibia) and Hydrocarb Namibia Energy Corp., a company chartered in the Republic of Namibia and a majority owned subsidiary of Hydrocarb Corp. As the operator of the concession, Hydrocarb Namibia will hold a 51-percent working interest in the concession; NPC Namibia will hold a 10 percent carried working interest in concession.
Jeremy G. Driver, chairman and CEO of Duma, in the press release said that the concession has high exploration potential and called preliminary data “encouraging.” Additionally, he said the acquisition fits Duma’s strategy of generating domestic cash flow to fund” high impact” international ventures.
Pasquale Scaturro, Hydrocarb’s president and COO detailed the potential of the concession as follows:
“The Owambo Basin concession … has all of the key ingredients for becoming a major oil province, including good reservoir and source rocks that extend into southern Angola, one of the top oil producers in Africa. The commercial terms of our Petroleum Contract are highly favorable and since our concessions are onshore, operating and exploration costs are a fraction of those offshore,” he concluded.
Financial details were not disclosed.
For more information visit www.duma.com
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