VANCOUVER, BC, Sept. 2, 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) provide preliminary analysis of the
first well drilled (the 6-2 well) in the Kavango basin by Core
Laboratories ("Core Lab") and Netherland
Sewell & Associates Inc. ("NSAI").
Log and Core Analysis
The NSAI petrophysical study, the first in the Kavango basin,
has identified five potential conventional reservoir zones in the
6-2 well, of which three are clastic zones (sandstone) and two are
carbonate zones (limestone, dolomite) based on the first set of
core analysis and mineralogical data from Core Lab. This study,
which brings together wireline log data, core data, and sample and
hydrocarbon show data from the 6-2 well, confirms 198 meters (650
feet) of net reservoir over five separate intervals. The NSAI
presentation can be found here
www.reconafrica.com/operations/academic-reports/ReconAfrica-Namibia-Petrophysical-Study-083121.pdf
ReconAfrica CEO Scot Evans
states, "Oil and gas data previously released confirms an active
petroleum system. Now, the NSAI reservoir study confirms at least
five good quality conventional reservoir targets and top seal to
pursue throughout the basin. The seismic data currently being
acquired will determine hydrocarbon traps, size, and geometry (full
closure around a reservoir) which will consolidate all the data to
identify potential commercial fields for the next round of
exploration drilling."
According to Nick Steinsberger,
the Company's Senior Vice President Drilling & Completions,
"The NSAI study complements the sample logs and geochemical data by
demonstrating the presence of reservoir quality rocks in the first
stratigraphic test well in Namibia. The oil and gas shows that were
reported from the logs at the well site are from reservoir quality
rock intervals. The first carbonate reservoir zone, for example,
contains core with 17% porosity, several millidarcy permeability
(reservoir quality permeability) and some fracture porosity.
Porosity reflects the storage capacity of a reservoir rock whereas
permeability describes the ability to flow through the rock. The
goals of ReconAfrica's stratigraphic tests have been achieved with
remarkable success in an unexplored basin and enable the initiation
of the next phase of petroleum exploration efforts in the Kavango
basin."
Seismic Operations
The seismic field acquisition is progressing well with
acquisition of approximately 30% of the 450 km program now
completed with good initial data quality. The program is on
schedule for completion of acquisition and interpretation by the
end of October 2021. The 2D seismic
provides the basis for the important second phase of drilling into
seismically defined structures or traps, which is expected to begin
before year end.
Once the results of the vertical seismic profile and 2D seismic
data on the 6-2 well are complete, the Company will make a decision
on production testing.
This is an important first step as the information from our
first two wells combined with the seismic data, will enable
ReconAfrica and its independent engineering, geological and
geophysical consultant, NSAI, to prepare a new resource report of
the potential of the Kavango Basin acreage and determine the
optimal locations of the next tranche of exploration drilling.
Environmental, Social & Governance
In addition to the four solar powered community water wells
currently in operation, ReconAfrica, working with local and state
water authorities, has permitted another 20 community water wells.
The Company has now hired two Namibian contractors, Aqua Drilling
to conduct drilling operations and Leben Technical Services to
install all solar powered equipment. It is expected both
contractors will commence operations in early September on the
first 8 of 20 wells where four wells are scheduled to be drilled in
Kavango East and four wells in Kavango West.
ReconAfrica continues its commitment to local hiring with over
300 Namibian residents now employed, has a strong commitment to
gender diversity and continues to increase the number of women
hired locally.
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
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 data
from the Company's stratigraphic wells confirming a working
conventional petroleum system, the interpretation and analysis of
data, results and samples from the Company's stratigraphic wells,
NSAI's reservoir characterization study identifying five
conventional reservoir zones and top seal in the 6-2 well and the
characteristics of such zones, confirming 198 m (650 feet) of net reservoir over five
separate intervals and demonstrating the presence of reservoir
quality rocks and rock intervals in the 6-2 well, the Company's
seismic program determining the size and geometry of the
hydrocarbon traps located in the Kavango Basin and identifying
potential commercial fields for the next round of exploration
drilling, the expected timing for the completion of acquisition and
interpretation of data from the Company's seismic program, the
commencement of drilling into seismically defined structures or
traps and when the Company will make a decision on production
testing, the information from the Company's first two stratigraphic
wells, combined with the seismic data, enabling the Company to
prepare a new resource report of the potential of the Kavango Basin
acreage and determine the optimal locations of the next tranche of
exploration drilling, the expected commencement of drilling
operations by contractors on the first eight of the Company's 20
permitted community water wells, the Company's ongoing engagement
and communication with stakeholders and traditional authorities in
all project impact areas 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.