ReconAfrica announces increase in prospective oil resources in Namibia – Business Express

Reconnaissance Energy Africa Ltd. (ReconAfrica), an oil and gas exploration company, has released an updated prospective resource estimate for the Damara Fold and Thrust Belt Area in Namibia. The estimate, supported by a Prospective Resource Report prepared by independent evaluator Netherland, Sewell & Associates, Inc. (NSAI), reveals an increase in oil potential in the area.

According to the report, the identified prospects in the Damara Fold and Thrust Belt Area hold gross, unrisked prospective oil in place of 15.4 billion barrels, with gross, unrisked prospective oil resources totaling 3.1 billion barrels. These estimates are higher than the previous report, which only focused on prospective natural gas resources.

ReconAfrica’s President and CEO, Brian Reinsborough, emphasized the significance of the findings, noting that the presence of liquid hydrocarbons has been confirmed through analysis of core samples from previously drilled wells. The company’s Senior Vice President of Exploration, Chris Sembritzky, expressed excitement for the upcoming drilling campaign in both the Damara Fold and Thrust Belt Area and the Rift plays.

The report outlines 19 identified prospects and four leads, all of which have been assessed for the chance of oil versus gas. NSAI has summarized the volumes assuming oil discoveries due to the higher chances of finding oil in the petroleum system.

ReconAfrica plans to commence drilling in June, with Prospect L being the first target. The company aims to unlock significant oil and gas resources in the region.

ReconAfrica is a 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 licenses comprising ~8 million contiguous acres. In all aspects of its operations ReconAfrica is committed to minimal disturbance of habitat in line with international standards and will implement environmental and social best practices in all of its project areas.