VANCOUVER, BC, July 14, 2021 /CNW/ - Reconnaissance Energy
Africa Ltd. (the "Company"
or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF)
(Frankfurt: 0XD) and its joint
venture partner NAMCOR (the state oil company of Namibia) are pleased to announce they have
successfully completed drilling operations of the second
stratigraphic test well (6-1) in the Kavango basin of NE Namibia.
The 6-1 well is now being prepared for wireline logging.
Multiple logging runs will be made and up to 50 sidewall cores
taken, all designed to maximize hydrocarbon recovery.
After the logging and coring operations are completed, a
vertical seismic profile tool ("VSP") will be run to total depth to
tie into the 2D seismic program that will begin this month across
the Kavango basin. The first stratigraphic test well, the 6-2, will
also have a VSP run and the two wells will be tied together along
the same seismic line. Later in the month casing will be run and
cemented to isolate the prospective hydrocarbon bearing zones.
Grant of Stock Options
On July 14, 2021, the Company
granted to a director and consultants of the Company options to
purchase an aggregate of 800,000 common shares of the Company at a
price of C$11.39 per share for a
period of five years.
About ReconAfrica
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
licences 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 6-1
well being prepared for wireline logging and coring to maximize
hydrocarbon recovery, the running of a VSP for both the 6-1 and 6-2
wells to tie them together along the same seismic line, the running
and cementing of casing to isolate the prospective hydrocarbon
bearing zone, and the Company's commitment to minimal disturbances
in line with international best standards and its implementation of
environmental and social best practices in all of its project
areas. 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 amended and restated annual
information form dated May 19, 2021
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.