pickaback The Owambo Basin
The Owambo Basin Petroleum License covers a large, 21,200 sq. km (5.3 million acre) concession comprising blocks 1714B, 1715, 1814B, 1815. The southern half of the Owambo Basin is in Namibia, with its northern portion in Angola, the second largest oil producer in Africa.
In 2011 a favorable and lucrative Petroleum Agreement was signed for this high-potential and virtually unexplored basin in northern Namibia. An outstanding business climate in this secure, southern African nation allows for an unhindered, on-track work program.
To date, extensive geologic field studies have been completed, proving the existence of excellent high porosity reservoir rocks as well as the presence of crude oil derived from a carbonate source. The independent analysis was performed by Weatherford Laboratories of Houston, TX on a soil sample from the vicinity of the Etosha Petroleum 5-1A well bore, the only well in the entire Owambo Basin to penetrate the top of the prospective carbonate section.
Hydrocarb has reviewed and analyzed all known technical G&G reports, raster and digital seismic data, well data, and studies including aeromagnetic/gravity surveys. After reprocessing selected seismic lines for initial reconnaissance mapping, we recently completed the field acquisition phase of a 13,468 km high-resolution aerial gravity and magnetics program. The low-level, high-resolution survey is the first major geophysical exploration program to be carried out in the region. 85% of the Owambo concession is without any modern seismic data.
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2013 reissued reserves report by Netherland, Sewell & Associates, Inc. of Houston , TX:
Based on structural mapping to date of seismic data located in only 15% of concession, NSAI has estimated 1.1 billion barrels unrisked in-place oil resource and 295 million barrels of oil (MMBO) unrisked recoverable.
700 km high resolution regional 2D to be acquired; projected date late 2014 to 2015. An Environmental Assessment is currently underway.