Hunt Oil to Explore for Oil Offshore Namibia

The Government of the Republic of Namibia and Hunt Overseas Oil Company signed a Reconnaissance License for the right to carry out petroleum reconnaissance operations in the Luderitz Basin, offshore Namibia.

The Agreement was effective immediately upon signature of the License document by Immanuel Mulunga, the Petroleum Commissioner of the Ministry of Mines and Energy, Republic of Namibia.

The license covers approximately 48,000 square kilometers (11.86 million acres) of the offshore part of Namibia, west of the town of Luderitz. The water depths in the License range from 200m to 3000m.

Hunt Overseas Oil Company is an affiliate of Hunt Oil Company, a privately held independent oil and gas firm based in Dallas, Texas, led by Ray L. Hunt.