Duma Energy has recently acquired 39% interest in Owambo blocks 1714A, 1715, 1814A, and 1815A.
Hydrocarb chief executive Kent Watts said the available data indicates exploration potential in the underexplored concession.
"We have reviewed a third party report already estimating over a billion barrels of un-risked resource potential out of a single identified structure," Watts added.
"The Duma partnership allows us to move aggressively towards our ultimate goal, to make a major discovery in Namibia."
Duma Energy chief executive Jeremy Driver said the company’s acquired portion located in the in the Owambo is an unexplored onshore basin.
"This partnership with Hydrocarb fits our core strategy to continuously develop profitable production domestically while also participating in high impact opportunities internationally that have world class potential," Driver added.
The Owambo Petroleum Contract’s commercial terms are expected to be favorable as it estimated to result in reasonable onshore and exploration costs.
Hydrocarb owns 51% interest in the concession and is the operator of all the blocks, whereas Duma Energy owns 39% and the Namibian National Oil Company has 10% interest.
