DUMA: Negotiating for more African oil. Moving forward on Namibia. Aerial survey tender process concluded.

Zacks Small Cap Research
August 5, 2013

By Ian Gilson, PhD, CFA

Hydrocarb Energy, who are partners with Duma Energy (OTC BB:DUMA) on their concession in Nambia, is currently negotiating for production sharing contracts in three major African countries. The concessions are focused on basins in the Central and East African rift systems.

The Great Rift Valley and the Central Rift Valley are the results of tectonic plate movement of the two African plates. The rifts are nearly 6,000 miles in length and stretch roughly north south in Eastern Africa. Tullow Oil Plc and Africa Oil [AOI on NASDAQ OMX|North] have substantial operations in the northern sectors. Tullow Oil has stated that it has discovered and identified over 2.5 billion barrels of oil in the Lake Albert Rift Basin.

Additional evaluations offshore West Africa are also underway by Hydrocarb. Hyperdynamics Corp., (HDY) [see below] is involved in offshore exploration on the west coast of Africa.

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