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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 68,579,500
Close 2021-04-14 C$ 3.51
Recent Sedar Documents

Reconnaissance finds 200 m of oil, gas indicator at 6-2

2021-04-15 02:46 ET - News Release

Mr. Dan Jarvie reports

RECONAFRICA'S FIRST OF THREE WELLS CONFIRMS A WORKING PETROLEUM SYSTEM IN THE KAVANGO BASIN, NAMIBIA

Ministry of Mines and Energy (MME) and Reconnaissance Energy Africa Ltd. have provided a preliminary analysis of the data from the 6-2 well, the first of a three-well drilling program, and have provided clear evidence of a working conventional petroleum system in the Kavango basin.

First drill site (6-2 well)

The well sample log of the 6-2 provides over 200 metres (over 660 feet) of oil and natural gas indicators/shows over three discrete intervals in a stacked sequence of reservoir and source rock. Extraction of oil from these samples and subsequent fingerprinting for key characteristics of the liquids support an active petroleum system with multiple source intervals.

Dan Jarvie, petroleum system chemist and member of Reconnaissance's advisory board, stated: "These shows are indicative of migrated, thermogenic petroleum and occur over three different intervals in the 6-2 test well. The intervals penetrated include highly porous, permeable sediments and marine source rocks as predicted, and an extensive marine carbonate lithofacies. Mud gas results indicate high [British thermal unit] gas with the presence of light oil in numerous cutting samples. Based on these initial results, the components and processes for a working petroleum system are all present."

Working closely with MME and Reconnaissance to provide further detailed analysis of all data are premier industry service companies including:

  • Core Laboratories of Houston, Tex., in the analysis of potential reservoir rocks;
  • GeoMark Research, Houston, Tex., on geochemical analysis of source rocks and extracted liquids, including fingerprinting for key characteristics;
  • Netherland Sewell & Associates Inc., Dallas, Tex., for petrophysical analysis (rock properties and associated liquids) and additional geologic analysis.

Second drill site (6-1 well)

With drilling, coring and logging operations now complete on the 6-2 location, the company-owned rig is being mobilized to the 6-1 location, 16 kilometres (10 miles) north of the 6-2 drill site. This second well is designed to evaluate the petroleum systems discovered in the first well (6-2) in an area of maximum thickness.

Thomas Alweendo, Namibian Minister of Mines and Energy, stated: "This is a great period for the people of Namibia, with the results of the well confirming a big potential for a very valuable energy resource for our country and therefore a significant development for Namibia onshore exploration efforts. The positive results of this well have provided us with the critical information required to unlock the country's petroleum prospectivity and is the first step in the process of locating significant accumulations. We can now confidently confirm Namibia is endowed with an active onshore petroleum basin."

The Ministry of Mines and Energy of Namibia (MME) is the state's lead agency in attracting private investment in resource exploration and development through the provision of geoscientific information on mineral and energy resources, and management of equitable and secure title systems for the mining, petroleum and geothermal industries. It also carries prime responsibility for regulating these extractive industries and ensuring that safety, health and environmental standards are consistent with the relevant state and Commonwealth legislation, regulations and policies.

Reconnaissance is a junior, Canadian oil and gas company engaged in the opening of the newly discovered deep Kavango sedimentary basin, in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the company holds petroleum licences comprising approximately 8.5 million contiguous acres. In all aspects of its operations, Reconnaissance is committed to minimal disturbances in line with international best standards, and will implement environmental and social best practices in all of its project areas.

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