Hydrocarb Energy Moves Ahead with Seismic Program in Namibia
January 13 2015 - 9:35AM
Business Wire
Hydrocarb Energy Corporation (OTCQB:HECC) has announced it is
preparing to issue Request For Proposals to four seismic
acquisition contractors to complete a 750km 2-dimensional seismic
program on its 21,300 sq km (5.3 million acre) Owambo Basin
concession. Comprising blocks 1714A, 1715, 1814A, and 1815A in
northern Namibia, the concession is adjacent to the Angola border.
Seismic data will be acquired to confirm 16 new structural leads
discovered by a proprietary aerial gravity and magnetics program
the Company flew in 2013. Approximately 15% of Hydrocarb’s 21,300
square km (5.3 million acre) concession has been explored with
modern 2D seismic data to date. Environmental Assessment work,
currently underway, will be complete in early 2015 as a
prerequisite to the seismic project.
Netherland, Sewell & Associates, Inc. (NSAI) has assigned
1.1 billion barrels of unrisked potential in-place oil resources in
the Oponono Prospect. Unrisked potential recoverable oil resources
from this single prospect range from 46 to 295 million barrels of
oil (MMBO).
Chuck Dommer, Hydrocarb’s President, stated, “We are moving
ahead with the seismic project, and our next step is to bring in an
industry partner to expand our exploration efforts in the Owambo
Basin.”
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.
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.
Forward-looking Statements
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.
PCG Advisory Group, LLCScott Powell, +1-646-780-8850Managing
Directorspowell@pcgadvisory.comwww.pcgadvisory.com