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, the 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.
As traders wait on the Federal Reserve, putting off any major decisions until they hear the latest word in FOMC …