HOUSTON--(BUSINESS WIRE)--Hydrocarb Energy Corporation (OTCQB: HECC) confirmed ongoing discussions with several international energy firms expressing interest in the company’s Owambo Basin Concession in Namibia. Hydrocarb has executed three Confidentiality Agreements to date with firms interested in forming a Joint Venture to explore the concession blocks in northern Namibia comprising 21,300 sq. km (5.3 million acres) adjacent to the Angola border.
Hydrocarb Energy holds a 90% working interest in the highly prospective Owambo Basin concession 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, potential source rocks, in addition to soil sampling indicating the presence of crude oil from a well test. Recent aerial gravity and magnetics analyses have identified 16 new structural leads while approximately 15% of Hydrocarb’s concession has been explored with modern 2D seismic data to date.
Chuck Dommer, Hydrocarb’s President, stated, “With the discovery of 16 new leads and last year’s field study results, we are moving ahead with seismic studies, and our next step is to bring in an industry partner to expand our exploration efforts in the Owambo Basin.”
Netherland, Sewell & Associates, Inc. (NSAI) has assigned 1.1 billion barrels of unrisked potential in-place oil resources in the Oponono Prospect located in a portion the concession. Unrisked potential recoverable oil resources from this single prospect range from 46 to 295 million barrels of oil (MMBO).
About Hydrocarb Energy
Hydrocarb Energy Corporation is a publicly-traded Domestic and International Energy Exploration and Production Company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa, production in Galveston Bay, and an Oil Field Services license in the United Arab Emirates, we maintain offices in Houston, Texas, Abu Dhabi, UAE and Windhoek, Namibia. For further information: www.hydrocarb.com.
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which contain words such as "expect," "believe" or "plan," by their nature address matters that are, to different degrees, uncertain. These uncertainties may cause actual future events to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.