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Namibia: ReconAfrica announces an operations and joint venture update

14 Jun 2024

Photo - see caption

Reconnaissance Energy Africa has announced an operations update with respect to activity relating to Petroleum Exploration Licence 73 ('PEL 73'), onshore northeast Namibia, and an update on the joint venture process.

Brian Reinsborough, President and CEO commented: 'Our operations teams and contractors are very busy completing the camp and rig moves this week. Since our last update the Jarvie-1 drilling rig has undergone all its maintenance and certification processes with no major issues noted. It has been rigged down and is moving approximately 80 kilometers to the Naingopo location. The conductor hole has been drilled and we continue to track for a spud toward the end of the month. The well is expected to take 90 days to drill, targeting multiple reservoir intervals in the highly prospective Damara Fold Belt. Our joint venture process continues to progress towards closure as we target a completed transaction ahead of the start of drilling of the Naingopo well.'

Chris Sembritzky, SVP Exploration commented: 'There is tremendous excitement about the upcoming spud of the Naingopo exploration well, which will be the first well to test the Damara Fold Belt. The thorough petroleum systems work that our team has conducted over the last six months gives us increased confidence in finding hydrocarbons in our first well. In the event of success, we have substantial running room with an additional four prospects and 20 leads that have been mapped and defined.'

Nick Steinsberger, SVP Drilling and Completions commented: 'The operations team is very excited to finalize the preparations to spud the upcoming Naingopo exploration well. All the drilling crews are in place with both Namibian nationals and expats, the majority of whom have worked on the Jarvie-1 before, ensuring operational continuity. All the equipment and services needed to drill the well are either onsite or scheduled to arrive in the next two weeks.'

First Damara Fold Belt Well – Naingopo Prospect

The move of the working camp and the drilling rig from the Wisdom Farm 5-1 location are wrapping up, with everything expected to be operational on the Naingopo well site towards the end of the month. The well remains on schedule to begin drilling this month and is targeting 163 million barrels of unrisked prospective oil resources or 843 billion cubic feet of unrisked prospective natural gas resources, net to ReconAfrica, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates, Inc. ('NSAI') dated March 12, 2024, and available on the Company’s website (the 'NSAI Report')(1) (2).

(1) There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
(2) Prospective resources are those quantities of oil estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. For the purposes of the NSAI Report, the volumes and parameters are associated with the best estimate scenario of prospective resources. Prospective resources are the arithmetic sum of multiple probability distributions. Unrisked prospective resources are estimates of the volumes that could reasonably be expected to be recovered in the event of the discovery and development of these prospects.

Naingopo Prospect Well Schematic

Photo - see caption

Joint Venture Process Update

The Company continues to progress its farm out joint venture process which we expect to conclude in the next few weeks.

Original announcement link

Source: ReconAfrica

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