WINDHOEK: Results from a recent survey undertaken by Weatherford Laboratories in the Owambo Basin have confirmed the presence of crude oil from a probable carbonate source.
Energy exploration and production company Hydrocarb Energy Corporation, which has its headquarters in Houston, Texas made this announcement in a media statement issued yesterday.
Hydrocarb holds an exploration licence for four blocks in the Owambo Basin covering 21 000 square kilometres, with the licence area extending from the Etosha Pan to the Angolan border.
The independent analysis was performed 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 president Pasquale Scaturro said this positive news confirmed the belief that a petroleum system is present in northern Namibia, and that the Owambo Basin has the potential to develop into a major petroleum province.
Hydrocarb expects to release the full soil sample report along with the results of the recently- completed geologic field study shortly, and are currently launching a source rock study in the 5.3 million acre Owambo Basin concession.