Reconnaissance Energy Africa (ReconAfrica) has announced an updated prospective resource estimate supported by a Prospective Resource Report dated March 12, 2024 (with an effective date of February 29, 2024) prepared by Netherland, Sewell & Associates, Inc. ('NSAI'), an independent qualified reserves evaluator. The Report focused solely on the Damara Fold and Thrust Belt Area, located within the Company’s Petroleum Exploration Licence (PEL73), in the Kavango Basin, NE Namibia, in which the Company holds a 90% working interest. The integration of all subsurface data and new geochemical analyses in the Damara Fold Belt has resulted in an increase of oil potential.
REPORT HIGHLIGHTS(1)
- Gross to the Company unrisked, prospective oil in place in identified prospects of 15.4 billion barrels
- Gross to the Company unrisked, prospective oil resources in identified prospects of 3.1 billion barrels
(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.
Brian Reinsborough, President and CEO commented: 'Since assuming the role of CEO in August of last year, I have assembled a team of experienced explorationists, led by Chris Sembritzky, Senior Vice President of Exploration. Analysis of core samples from all three previously drilled wells has revealed the presence of liquid hydrocarbons, confirming the presence of a working petroleum system. The team has also undertaken a comprehensive study of all other sources of geochemical data and conducted additional basin modelling, which collectively indicates that the Damara Fold Belt holds not only potential for large natural gas accumulations but also potential for large oil accumulations. The technical teams are using all this recent information to help prioritize and sequence the drilling order of our upcoming drilling program, which is planned to commence in June with the drilling of Prospect L.'
Chris Sembritzky, Senior Vice President of Exploration, stated: 'The scale of the Damara Fold Belt play was a pivotal factor that drew me to ReconAfrica. Over the past several months, my team and I have thoroughly reviewed an extensive amount of data, which has only increased our excitement for the planned upcoming drilling campaign in both the Damara Fold Belt and Rift plays. We firmly believe that this endeavor has the potential to unlock significant resource.'
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Source: ReconAfrica
