VANCOUVER, BC, Oct. 21, 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) announce the completion of the first
seismic acquisition program ever conducted in the Kavango Basin, in
northeast Namibia.
Seismic Operations
The seismic program comprises 450 linear kilometres of high
quality 2D seismic data which was acquired within budget and on
schedule. 150,000 human-hours were utilized during the campaign, of
which 80% were Namibian nationals recruited nationally and,
predominantly, from local communities.
"We are very proud to have successfully completed this program,
which is the first seismic program conducted in the Kavango Basin.
Importantly, the program was conducted without accidents or adverse
safety incidents to our employees and contractors. We have also
been very successful in protecting the health of our workers
despite conducting the campaign during the Covid-19 global
pandemic", said Shiraz Dhanani, lead Geophysicist. During his long
career working on five continents, Shiraz has conducted seismic
operations worldwide with BP and ExxonMobil. A significant part of
his professional life has been focused on oil and gas exploration
in Africa.
The seismic data processing contract was awarded to Down Under
Geophysical in Houston, Texas and
Absolute Imaging in Calgary,
Alberta in June of 2021. These two leading geophysical
companies were selected to process the data simultaneously in order
to capture best practices in the industry and maximize the quality
of structural imaging. The processing of all seismic data and
comprehensive interpretation is expected to be finalized by early
December.
Shiraz Dhanani went on to state; "ReconAfrica has successfully
drilled two important stratigraphic wells that clearly established
the presence of a working petroleum system and conventional
reservoirs. With the successful completion of this seismic program,
ReconAfrica intends to commence a multi-well drilling campaign in
early Q1, 2022, targeting seismically defined traps and
conventional reservoirs already encountered in the stratigraphic
wells."
ReconAfrica acknowledges the outstanding contribution made by
Polaris Natural Resources Inc, of Calgary, Alberta, the principal seismic
acquisition contractor, to the success of this seismic
campaign.
Environmental, Social &
Governance (ESG)
Working with local and state water authorities, ReconAfrica has
now drilled and completed 14 solar powered community water wells in
rural areas of both Kavango East and Kavango West regions in which
the Company operates. As well, two water wells associated with the
Company's first two stratigraphic wells have been handed over to
the local community members residing in the vicinity of these
wells. Consequently, 16 community water wells are now in
operation.
Further, the Company, working with relevant government
authorities, is identifying optimum locations, and permitting the
drilling of another six community water wells in both Kavango East
and Kavango West regions.
ReconAfrica continues its commitment to local hiring with over
300 Namibian residents employed to date. The Company 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
disturbance of habitat, in line with best international 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 expected timing
for the processing of all seismic data and comprehensive
interpretation, the intention of the Company to commence a
multi-well drilling campaign in early Q1, 2022, targeting
seismically defined traps and conventional reservoirs already
encountered in the stratigraphic wells, the Company's continued
commitment to local hiring and strong commitment to gender
diversity, continuing to increase the number of women hired
locally, 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.