Namibia Strikes Oil Deposit

Windhoek — After spending millions of dollars on exploratory drilling, Brazilian oil and gas exploration company High Resolution Technology (HRT) and local businessman, Knowledge Katti, announced yesterday they found a liquid oil presence off the Namibian coast.

However, the drilling results for this first well show that the rock penetrated does not contain commercially viable oil reserves. The data analysis nevertheless shows two petroleum source rocks with indication of commercial oil reserves within the same vicinity. Drilling in these areas would commence soon.

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