ReconAfrica eyes June 2024 drilling date for highly-anticipated exploration well onshore Namibia

May 27, 2024

(WO) – In a recent operations update, Reconnaissance Energy Africa Ltd. (ReconAfrica) announced that it’s eyeing a June 2024 spud date for its Naingopo exploration well on Petroleum Exploration Licence 73 ("PEL 73"), onshore northeast Namibia.

Source: ReconAfrica

Brian Reinsborough, President and CEO, said, "Our operations teams and contractors are working diligently to ensure we remain on schedule for a June 2024 spud of the high potential Naingopo exploration well, the first exploration well in the Damara Fold Belt.

“Our drilling teams are now in Namibia with the Jarvie-1 drilling rig undergoing routine maintenance and certification ahead of its planned move to the well location in the first week of June 2024.

“Advanced planning work has also commenced for our second Damara Fold Belt exploration well, Prospect P. Excitement is building ahead of drilling as recent investor meetings in London and industry conferences have highlighted the significance of the Naingopo well given the large potential for oil and gas resources.

“With the completion of our recent financing, we are well positioned to execute our drilling plans going forward. And finally, we have progressed our joint venture process to the next level of negotiation, as we are in advanced discussions with potential joint venture partners and expect to conclude negotiations in the coming weeks."

Naingopo prospect. Major civil works are wrapping up on the well site access roads and well pad construction. Members of the drilling crew have arrived in-country to undertake rig maintenance and certification activities which are ongoing ahead of the move of the Jarvie-1 rig to the Naingopo well (Prospect L), in the Damara Fold Belt.

The drilling and operations teams, including all major third-party service providers, have completed a drilling on paper activity with all critical path processes reviewed and tested. All major equipment has been ordered and is either in country or in transit to Namibia.

The well remains on schedule to begin drilling in June 2024 and is targeting 163 MMbbl of unrisked prospective oil resources or 843 Bcf of unrisked prospective natural gas resources based on the most recent prospective resources report.

Damara Fold Belt Well – Prospect P. ReconAfrica is in advanced planning for Prospect P, which is expected to be the second Damara Fold Belt exploration well. Debushing activities are expected to begin in the near term and will be followed by demining activities before major civil works are started.

The well is expected to spud in the fourth quarter of 2024, soon after the drilling of the Naingopo exploration well and is targeting 278 MMbbl of unrisked prospective oil resources or 1.5 Tcf of unrisked prospectivae natural gas resources.

Joint venture process update. Additionally, ReconAfrica has progressed its joint venture process to the next level of detailed discussions and continues to negotiate contract terms relating to its farm out process.

In its review, management has placed a strong emphasis on negotiating terms that will enable the company to execute a multi-well exploration drilling program targeting wells in both the Damara Fold Belt and Rift Basin plays over the next 12 to 24 months. Results from these discussions are expected to conclude in the next several weeks.

ReconAfrica is a Canadian oil and gas company engaged in the opening of the newly discovered Kavango Sedimentary Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the company holds petroleum licenses comprising ~8 million contiguous acres.

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