09:36:20 EDT Fri 09 May 2025
Enter Symbol
or Name
USA
CA



Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 265,642,183
Close 2025-04-09 C$ 0.52
Market Cap C$ 138,133,935
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ReconAfrica on schedule to spud next well this quarter

2025-04-10 08:01 ET - News Release

Mr. Brian Reinsborough reports

RECONAFRICA PROVIDES DRILLING UPDATE ON PROSPECT I

Reconnaissance Energy Africa Ltd. has provided a drilling update on prospect I.

Prospect I is located onshore Namibia in petroleum exploration licence 73 and is the company's largest prospect to be drilled so far. It is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or 1.9 trillion cubic feet of unrisked and 140 billion cubic feet of risked prospective natural gas resources, on a 100-per-cent working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates Inc. (NSAI), an independent qualified reserves evaluator. Prospect I is noted as location 63 in the NSAI report.

Brian Reinsborough, president and chief executive officer of ReconAfrica, stated: "We are excited to be making great progress ahead of drilling one of the company's largest and most attractive prospects. The results of the Naingopo exploration well announced in January, 2025, increased our confidence in the potential for prospect I. We remain on track to spud the well this quarter and are looking forward to unlocking the significant potential of the Damara fold belt."

Drilling plans update

Preconstruction activities are continuing on schedule, and the predrill evaluation is complete. The drilling schematic demonstrates that the company is targeting a drilling depth of 3,800 metres with the potential to drill deeper, as ReconAfrica did for the Naingopo exploration well. The thickness of the Otavi section is expected to be approximately 1,500 metres to 1,800 metres, depending on how deep the company is able to drill. The learnings from the Naingopo exploration well have improved ReconAfrica's understanding of the Damara fold belt with respect to its geologic model, including time and depth migration for the Mulden and Otavi sections. This is the same reservoir where the company encountered over 50 metres of reservoir-quality carbonates and encountered oil shows in the Naingopo well.

About Reconnaissance Energy Africa Ltd.

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 licences comprising approximately eight million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in all of its project areas.

We seek Safe Harbor.

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