CALGARY,
AB, Nov. 27, 2024 /CNW/ - Reconnaissance
Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO)
(OTCQX: RECAF) (Frankfurt: 0XD)
(NSX: REC) announces that it has reached total depth ("TD") of
4,184 metres (13,727 feet) on the Naingopo exploration well on
Petroleum Exploration Licence 073 ("PEL 73"), onshore Namibia.
Brian Reinsborough,
President and CEO of the Company stated: "We are
excited to have completed the drilling operations on the Naingopo
exploration well, drilling beyond our original projected TD of
3,800 metres. The Naingopo well is the first of several to test the
potential resource of the Damara Fold Belt. We will now commence an
extensive evaluation program, which will include wireline logging
and coring, Modular Formation Dynamics Tester ("MDT") sampling and
testing of any hydrocarbons present, and a Vertical Seismic Profile
("VSP"). Our technical team will then assess all data to determine
the results, which will assist us in finalizing further plans in
the Damara Fold Belt."
Naingopo Exploration Well
The Naingopo exploration well was drilled to a total depth of
4,184 metres (13,727 feet). The Company will now undertake a
comprehensive logging and coring program, and perform a VSP,
followed by casing and cementing the well. Results of the well will
be provided following a thorough analysis of the subsurface data
acquired and any obtained oil or natural gas samples. We expect to
have the preliminary results of the Naingopo well in the next
several weeks.
During December 2024, the Company
will undertake repair and maintenance activities on the
Jarvie-1 drilling rig. We expect
to move to the Kumbundu (Prospect P) well location after completing
the review of the results from current operations.
As a reminder, the Naingopo well is targeting 181 million
barrels of unrisked and 15 million barrels of risked prospective
light/medium oil resources(1) or 937 billion cubic feet
of unrisked and 65 billion cubic feet of risked 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"). Kambundu is
targeting 309 million barrels of unrisked and 15 million barrels of
risked prospective light/medium oil resources(1) or 1.6
trillion cubic feet of unrisked and 64 billion cubic feet of risked
prospective natural gas resources(1), on a 100% working
interest basis, based on the most recent prospective resources
report prepared by NSAI.
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(1)
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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. 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. 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.
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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
our operations, ReconAfrica is committed to minimal disturbance of
habitat in line with international standards, and implementing
environmental and social best practices in all of our 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 the Naingopo exploration well, the
evaluation of the subsurface data relating to the Naingopo
exploration well, the timing of drilling the Kambundu exploration
well, the timing of rig repairs, movement of the rig from its
present location 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.
Disclosure of Oil and Gas Information:
The report of Netherland, Sewell & Associates, Inc.
("NSAI") entitled "Estimates of Prospective Resources to the
Reconnaissance Energy Africa Ltd. Interests in Certain Prospects
and Leads located in PEL 73, Kavango Basin, Namibia as of March 31,
2024" (the "NSAI Report") and the prospective resource
estimates contained therein and in this press release were prepared
by NSAI, an independent qualified reserves evaluator, with an
effective date of March 31, 2024. The
NSAI Report was prepared in accordance with the definitions and
guidelines of the Canadian Oil and Gas Evaluation Handbook prepared
jointly by the Society of Petroleum and Engineers (Calgary Chapter)
(the "COGE Handbook") and the Canadian Institute of Mining,
Metallurgy & Petroleum and National Instrument 51-101 –
Standards of Disclosure for Oil and Gas Activities ("NI 51-101").
For additional information concerning the risks and the level of
uncertainty associated with recovery of the prospective resources
detailed herein and in the NSAI Report, the significant positive
and negative factors relevant to the prospective resources
estimates detailed herein and in the NSAI Report and a description
of the project to which the prospective resources estimates
detailed herein and in the NSAI Report applies are contained within
the NSAI Report, a copy of which has been filed with the Canadian
Securities Administrators and is available under the Company's
issued profile on SEDAR+ at www.sedarplus.ca.
The prospective resources shown in the NSAI Report have been
estimated using probabilistic methods and are dependent on a
petroleum discovery being made. If a discovery is made and
development is undertaken, the probability that the recoverable
volumes will equal or exceed the unrisked estimated amounts is 90
percent for the low estimate, 50 percent for the best estimate, and
10 percent for the high estimate. Low estimate and high estimate
prospective resources have not been included in the NSAI Report.
For the purposes of the NSAI Report, the volumes and parameters
associated with the best estimate scenario of prospective resources
are referred to as 2U. The 2U prospective resources have been
aggregated beyond the prospect and lead level by arithmetic
summation; therefore, these totals do not include the portfolio
effect that might result from statistical aggregation. Statistical
principles indicate that the arithmetic sums of multiple estimates
may be misleading as to the volumes that may actually be
recovered.
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SOURCE Reconnaissance Energy Africa Ltd.
