Reconnaissance Energy (ReconAfrica), announces an operations update with respect to activity relating to Petroleum Exploration Licence 73, onshore northeast Namibia.

Brian Reinsborough, President and CEO commented: 
“With the Company funded for our multi-well exploration program and the joint venture agreement in place with BW Energy, focus returns to operations associated with the Naingopo exploration well and other activities on PEL 73. The Naingopo well is currently drilling on schedule and on budget to a depth of 1,450 metres and we will soon be drilling into key targeted intervals. We will continue to drill through key intervals throughout the remainder of the well, which is targeted to complete drilling in early October with results thereafter. We are pleased with the performance of our drilling crew and all the people from our key third party contractors. Elsewhere on PEL 73, we have started construction on the access road leading to Prospect P, our second Damara Fold Belt exploration well, which is targeted to commence drilling in Q4 2024. One year ago this month I began my journey with the Company, during which, we have implemented widespread strategic and tactical changes and are currently executing multiple facets of our high impact exploration program which we expect to deliver significant value for shareholders.”  

Exploration Drilling

The Naingopo exploration well has been drilled to a depth of 1,450 metres, with surface casing set at 350 metres and a first casing string set at 1,200 metres. The well has been tracking to drilling depth and well cost estimates, with everything on schedule and plan.

As a reminder, the Naingopo well is targeting 181 million barrels of unrisked prospective light/medium oil resources or 937 billion cubic feet of prospective natural gas resources(1), on a 100% working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates, Inc. (“NSAI”). The well is targeting to drill to a depth of approximately 3,800 metres or 12,500 feet and is expected to encounter four primary reservoir intervals targeting both oil and natural gas. If successful, the well would be a major play opening discovery providing access to multiple drill ready prospects.  

Elsewhere on PEL 73, the Company continues to make progress in the construction of the access road for the second Damara Fold Belt exploration well, Prospect P, which is expected to start drilling in the fourth quarter of 2024. Prospect P is targeting 309 million barrels of unrisked prospective light/medium oil resources(1) or 1.6 trillion cubic feet of prospective natural gas resources(1), on a 100% working interest basis, based on the most recent prospective resources report prepared by NSAI.

Other Activities on PEL 73

The Company is working with Polaris Natural Resources Ltd. in testing the use of vibroseis as a source for the potential acquisition of 3D seismic covering a section of the Kavango Rift Basin. Current testing is being undertaken to compare results using the vibroseis as a source compared to previously acquired data using the acceleration weight drop system. The results of the testing will provide the data necessary to appropriately plan and execute a potential 3D seismic program in 2025.

KeyFacts Energy: ReconAfrica Namibia country profile