DUMA: Moving forward on Namibia. Aerial survey tender process concluded.

Zacks Small Cap Research

By Ian Gilson, PhD, CFA

Hydrocarb Energy Corp. has completed the tender process for an Aerial Gravity and Magnetic survey of the 5.3 million acres of the concession (all the blocks) owned by Hydrocarb and Duma Energy (OTC BB:DUMA) in Northern Namibia. This data should be available in early 2014. Using this data will allow the partners to program a 2D seismic grid.

A similar company to Hydrocarb Energy is Hyperdynamics Corp., (HDY), which has an interest in 6.176 million acres in an off shore lease in the Republic of Guinea. The data on this company is sparse and confusing as sources report its interest as 77% or 37%. HDY is further along in the exploration process, having available seismic date, and it has drilled a well that is reported to show the presence of hydrocarbons.

The market capitalization of HDY is $81.4 million, over twice that of DUMA. As the exploration in Namibia proceeds and more data is available we would expect the stock price to increase substantially if the presence of oil is confirmed. 

A copy of the full research report can be downloaded here >>  Duma Energy Report

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