VANCOUVER, BC, Feb. 25, 2021 /CNW/ - Reconnaissance Energy
Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX:
RECAF) (Frankfurt: 0XD) is pleased
to both provide an update on drilling operations in the Kavango
sedimentary basin in the Kalahari Desert of North East Namibia and
announce that it has qualified as the Canadian TSX Venture 50
Exchanges 2021 top performing energy company.
Drilling Operations
As announced on January 11, 2021,
the Company commenced drilling operations on the first well (6-2),
of an initial three well program to evaluate potential hydrocarbon
systems in one of five major sub-basins of the larger, more
laterally extensive, deep Kavango basin.
Having set and cemented 17 ½" surface casing mid-January,
ReconAfrica has reached the intermediate casing point, set 12 ¼"
casing and has completed the cementing operation. The cementing
operation is a key element of all oil well drilling and has been
completed in accordance with international standards and best
practices.
Over the interval drilled thus far, ReconAfrica has been
continuously sampling and testing cuttings, successfully run a full
suite of wireline logs, and taken thirty-four sidewall cores.
ReconAfrica is using industry leaders to provide analysis of
this critical well, with Schlumberger providing wireline logging
services (as per 1/11/21 press
release), Netherland Sewell and
Associates (Dallas, Texas)
performing well log analysis, and Geomark Research (Houston, Texas) evaluating petroleum
geochemistry.
With the completion of the intermediate casing operation, the
Company will recommence drilling to the planned depth of 12,500',
with the objective of reaching total depth (TD) before the end of
March. The data collection and analysis described above will
continue to TD, with the addition of taking whole cores over key
intervals.
In keeping with the Company's policy of implementing
environmental best practices, ReconAfrica's drilling fluids are
water based, organic & biodegradable, which are fully
environmentally safe, for many aspects, including topsoil
enhancement and development.
"I am very pleased with the successful drilling operations the
ReconAfrica team has completed to date. We are adhering to the
highest standards of Health, Safety and Environmental best
practices and are on program in all phases of operations," stated
Nick Steinsberger, Senior Vice
President of Drilling and Completions.
Community
As part of ReconAfrica's ongoing Community Initiatives, we are
finalizing approvals for three more community water wells
specifically tying into Namibia's
national rural water management plan. These wells provide access to
potable water, and highly welcomed by regional leaders, traditional
authorities, and community members.
TSX Venture 50
The Company is pleased to announce it has qualified for the 2021
TSX Venture 50, a ranking of the top performers on the TSX Venture
Exchange over the last year.
Further, ReconAfrica was appointed the top performing company in
the energy sector.
The 2021 TSX Venture 50 is an annual program showcasing the top
10 performers from 5 industry sectors: Clean Technology and Life
Sciences, Diversified Industries, Energy, Mining, and Technology.
Top performing companies were selected based on year-over-year
performance across 3 equally weighted criteria: market
capitalization growth, share price appreciation and trading volume
for the year ended December 31, 2020.
For the full list visit: 2021 TSX Venture 50
"Considering the many challenges of 2020, it is an honour to be
selected as one of the top 50 of over 1500 companies listed on the
TSX Venture Exchange and specifically the distinction of the TSX
Venture Exchange top performing energy company. On behalf of
ReconAfrica shareholders, I would like to thank our extended team
in Canada, USA and Namibia, as this is really their award and we
appreciate their past effort and ongoing support," stated
Scot Evans, CEO.
A brief video on ReconAfrica, produced by the TMX Group, can be
found at ReconAfrica TMX V50 Video
ReconAfrica 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 licenses comprising approximately 8.5 million contiguous
acres. In all aspects of its operations, ReconAfrica 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.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking
Statements: Certain statements contained in this press
release constitute forward-looking information under applicable
Canadian, United States and other
applicable securities laws, rules and regulations, including,
without limitation, statements with respect to the Company's
proposed exploration and drilling activities and timelines and the
anticipated results of the Company's proposed exploration and
drilling activities, the Company's implementation of
environmental and social best practices and the Company's
engagement with local authorities and communities These statements
relate to future events or future performance. The use of any of
the words "could", "intend", "expect", "believe", "will",
"projected", "estimated" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on ReconAfrica's
current belief or assumptions as to the outcome and timing of such
future events. There can be no assurance that such statements will
prove to be accurate, as the Company's actual results and future
events could differ materially from those anticipated in these
forward-looking statements as a result of the factors discussed in
the "Risk Factors" section in the Company's annual information form
dated July 27, 2020 available under
the Company's profile at www.sedar.com. Actual future results may
differ materially. Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to ReconAfrica. The forward-looking information contained
in this release is made as of the date hereof and ReconAfrica
undertakes no obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
SOURCE Reconnaissance Energy Africa Ltd.