ReconAfrica announces completion of drilling operations on the Naingopo exploration well
Reconnaissance Energy Africa Ltd. announces that it has reached total depth (TD) of 4,184 meters (13,727 feet) on the Naingopo exploration well on Petroleum Exploration License 073 (PEL 73), onshore Namibia.
Brian Reinsborough, President and CEO of ReconAfrica stated: "We are excited to have completed the drilling operations on the Naingopo exploration well, drilling beyond our original projected TD of 3,800 meters. 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 meters (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. The preliminary results of the Naingopo well are expected in the next several weeks.
During December 2024, ReconAfrica will undertake repair and maintenance activities on the Jarvie-1 drilling rig, and the company plans to move to the Kumbundu (Prospect P) well location after completing the review of the results from current operations.
The Naingopo well is targeting 181 million bbls of unrisked and 15 million bbls of risked prospective light/medium oil resources(1) or 937 billion cu. ft. of unrisked and 65 billion cu. ft. 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 bbls of unrisked and 15 million bbls of risked prospective light/medium oil resources(1) or 1.6 trillion cu. ft. of unrisked and 64 billion cu. ft. of risked prospective natural gas resources(1), on a 100% working interest basis, based on the most recent prospective resources report prepared by NSAI.
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.
(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. 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.
