The company indirectly owns 39% working interest in the concession after it completed the acquisition of Namibia Exploration (NEI).
Duma Energy chairman and CEO Jeremy Driver said, "The timely issuance of the concession license by the government of Namibia allows us now to begin focusing our efforts on the task of exploring our massive concession, which is roughly the size of the state of Massachusetts."
Duma will explore the concession with Hydrocarb Namibia who holds 51% working interest in the concession and is the operator while National Petroleum Corporation of Namibia holding 10% working interest.
Hydrocarb president and chief operating officer Pasquale Scaturro, stated, "There are few governments in Africa that can match the transparency and professionalism of Namibia. We are truly pleased to have such a large and premium concession located in an extremely prospective basin."
Hydrocarb will provide consulting services to Duma for a payment of $2,400,000 to be paid over two years using cash or restricted common shares.
