CALGARY,
AB, Jan. 30, 2025 /CNW/ - Reconnaissance
Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO)
(OTCQX: RECAF) (Frankfurt: 0XD)
(NSX: REC) announces the results of the Naingopo exploration well
within the Damara Fold Belt on Petroleum Exploration Licence 073
("PEL 73"), onshore Namibia.
Highlights of the Naingopo well:
- Encountered over 50 metres net reservoir in the
Otavi Group, derived from log analysis and indications of oil,
which will be further confirmed from side wall cores.
- Indications of oil observed from the Damara
Fold Belt.
- Follow-on drilling in the Damara Fold Belt is accelerated
to drill Prospect I ahead of Kambundu, which is expected to
spud in July 2025.
Brian Reinsborough,
President and CEO of the Company stated: "We are
excited about the results of this well, which opens the play and
demonstrates a working petroleum system within the Damara Fold
Belt. The importance of finding over 50 metres of net reservoir
with indications of oil in this well is significant. The primary
objective in the Otavi above the main fault was not penetrated due
to seismic uncertainties, however, the Otavi was penetrated at
predicted depth below the main fault, which contained evidence of
oil. Further drilling is planned to delineate the full extent of
the Damara Fold Belt play. Multiple indications of oil were
encountered in the Naingopo well and we plan to continue to analyse
all fluid and rock samples, which may take several months. Based on
our technical learnings from the Naingopo well results, we have
further derisked Prospect I and plan to drill this prospect ahead
of Kambundu."
Chris Sembritzky, Senior
Vice President of Exploration of the Company stated: "I
want to thank and congratulate our technical team for their
technical rigor and efforts, which contributed to this success.
Finding the presence of oil in the Otavi, as well as reservoir at
these depths is critical for the opening of the Damara Fold Belt
play. The Naingopo well was invaluable for unlocking our
understanding of the play, as well as for further derisking the
petroleum system elements and specific prospects. We may return to
Naingopo for further appraisal drilling to fully test the extent of
the structure. With the acquisition and processing of the Vertical
Seismic Profile ("VSP"), we feel confident that any uncertainty
with structure has been eliminated with respect to Prospect I. We
are excited to move to our next prospect as we seek to unlock the
significant resource potential of the Damara Fold Belt."
Naingopo Exploration Well
The Naingopo well reached a total depth of 4,184 metres on
November 26, 2024. The well proved
the occurrence of both the Mulden and Otavi stratigraphy. The well
encountered 52 metres of net reservoir in the Otavi Group, with the
Mulden reservoirs being tighter than expected. The Naingopo VSP has
allowed us to correlate the well results to the Otavi seismic
event, derisking the Otavi presence in future Damara Fold Belt
prospects. Additionally, the indication of oil via rock
fluorescence was pervasive within the Otavi Group. This interval of
fluorescence was associated with oil being recovered at surface in
the drilling mud system.
Future Plans
Side wall cores, isotubes, cuttings and fluid samples are
currently with third party service providers for analysis.
Additionally, the VSP processing is being finalized, along with the
structural and stratigraphic interpretations from the formation
image logs.
In addition to the plan to move next to Prospect I in the Damara
Fold Belt, we are advancing permitting for our planned 3D seismic
acquisition program, which is expected to include both Rift Basin
and Damara Fold Belt locations and will be conducted by vibroseis.
We expect to commence 3D seismic acquisition in the second half of
2025.
ReconAfrica holds a 70% working interest in PEL 73 and is
operator of the concession. Partners are BW Energy Limited with a
20% working interest and NAMCOR with a 10% working interest.
About ReconAfrica
ReconAfrica is a Canadian oil and gas company engaged in the
exploration of the Damara Fold Belt and Kavango Rift Basin in the
Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum
licenses comprising ~8 million contiguous acres. In all aspects of
its operations, ReconAfrica is committed to minimal disturbance of
habitat in line with international standards and implementing
environmental and social best practices in all of its project
areas.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary
Note Regarding Forward-Looking Statements:
Certain statements contained in this press release constitute
forward-looking information under applicable Canadian, United States and other applicable securities
laws, rules and regulations, including, without limitation,
statements with respect to well results, timing and sequencing of
the next well to be drilled, future drilling activities, results
from data analysis, the acquisition of 3D seismic, other future
plans and the Company's commitment to minimal disturbance of
habitat, in line with best international standards and its
implementation of environmental and social best practices in all of
its project areas. These statements relate to future events or
future performance. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated" and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on ReconAfrica's current belief or
assumptions as to the outcome and timing of such future events.
There can be no assurance that such statements will prove to be
accurate, as the Company's actual results and future events could
differ materially from those anticipated in these forward-looking
statements as a result of the factors discussed in the "Risk
Factors" section in the Company's annual information form dated
July 29, 2024, available under the
Company's profile at www.sedarplus.ca. Actual
future results may differ materially. Various assumptions or
factors are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to ReconAfrica. The forward-looking information
contained in this release is made as of the date hereof
and ReconAfrica undertakes no obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
SOURCE Reconnaissance Energy Africa Ltd.
