Reconnaissance Energy Africa provides update on Kavango 1X exploration prospect in Namibia

Canadian oil and gas company Reconnaissance Energy Africa (ReconAfrica) has provided an operational update on the Kavango West 1X exploration prospect in Namibia.

In a press statement on July 22, the company announced the upcoming spudding of the onshore exploration well, located within Petroleum Exploration Licence (PEL) 73 in northeast Namibia.

“The drilling rig has been safely moved on-site and all necessary permits required to spud the well have been received by the company from the various regulators,” ReconAfrica said in the statement. “Final drill-rig assembly and safety checks are underway and the Kavango West 1X exploration well is scheduled to spud before the end of July.”

According to the explorer, the well is planned to reach total depth of about 3,800 metres and is expected to penetrate over 1,500 metres of Otavi carbonate reservoir section, which is the primary target of the Damara Fold Belt play.

The Kavango West 1X exploration well will be the second to target the vast Damara Fold Belt play. The prospect is a major subsurface fold structure outlined by recent 2D seismic surveys, stretching roughly 22km in length and three kilometres in width.

ReconAfrica has identified more than 19 prospects and leads across the Damara Fold Belt. In addition, the company has secured a further 5.0mn acres (20,234km².) through a newly signed Memorandum of Understanding (MoU) covering adjacent territory in Angola.

“Everyone at the company has worked diligently to get drill-ready on the Kavango West 1X prospect and we are excited to spud the well in the coming days,” said president and CEO of Reconnaissance Energy Africa Brian Reinsborough.

“We recognize the importance of this play opening well holds for our shareholders, the local communities in which we operate and the broader energy industry in Namibia. We are committed to remaining engaged with local communities and authorities and to ensuring the safe and efficient operation of this well,” he added.

ReconAfrica thanked all community and regulatory stakeholders in Namibia for working with the company to bring the well to the current drill-ready stage. “ReconAfrica remains engaged with its stakeholders and is focused on operations that are safe for all employees and neighbouring communities, as well as wildlife and the environment,” the statement said.

In the same press statement, ReconAfrica announced changes to the board of directors, following the resignation of Iman Hill as a corporate director. Hill, who was appointed a director of ReconAfrica in August 2023, resigned from the board of directors effective July 31 owing to foreign work obligations, the company said. According to the statement, following Hill’s departure, the board will consist of five members, three of whom are independent directors.

About ReconAfrica

ReconAfrica is engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana. According to the statement, it holds petroleum licences comprising 13mn contiguous acres (52,609 km²).

The explorer has a primary listing on the TSX Venture Exchange (TSXV) in Canada, with secondary listings on OTCQX in the US and Frankfurt Stock Exchange (FSE) in Germany. As of November 5, 2024, ReconAfrica is also listed in Namibia, making it the first publicly traded oil and gas exploration company on the NSX.