Namibia-focused junior Reconnaissance Energy Africa (ReconAfrica) has received a significant fillip for its 2024 exploration campaign in the frontier Kavango basin after an independent resource assessor estimated that prospects on its acreage could house 3.4 billion barrels of potentially recoverable oil.
Toronto- and Frankfurt-listed ReconAfrica holds a 90% stake in Petroleum Exploration Licence 73 in the far northeast of Namibia and is currently in a farm-out process to secure a partner to take part in an upcoming multi-well drilling campaign in the Danara fold and thrust belt play, as opposed to a previous exploration campaign which target a Karoo rift play.
According to a resource report prepared by Netherland, Sewell & Associates (NSAI) – centred solely on the Damara play in PEL 73 – integration of all subsurface data and new geochemical analyses has resulted in an increase of oil potential.
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.
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.
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