DUMA: Presence of oil in Namibia's Owambo Basin is confirmed.

Zacks Small Cap Research

By Ian Gilson, CFA

Duma Energy (OTC BB:DUMA) announced that an independent analysis of a soil sample from the vicinity of the Etosha 5-1A well by Weatherford Laboratories of Houston TX has confirmed the presence of crude oil. The 5-1A well is, so far, theĀ  only well in the Owambo Basin to penetrate the top of the prospective carbonate section. The carbonate basin is of similar age and structure as those oil bearing structures in North Africa, Siberia and the Oman. These results are preliminary and further studies are needed to delineate the structures by airborne high-resolution magnetic surveys.

Please visit Ian Gilson's coverage page at scr.zacks.com to access a free copy of the full research report.

Rates

View Comments (0)