VANCOUVER, BC, Nov. 5, 2021 /CNW/ - Reconnaissance Energy
Africa Ltd. (the "Company" or "ReconAfrica") (TSX-V: RECO) (OTCQX:
RECAF) (Frankfurt: 0XD) and its
joint venture partner NAMCOR (the state oil company of Namibia) provide initial results from the
first seismic acquisition program ever conducted in the Kavango
Basin, in northeast Namibia.
As reported on October 21, 2021,
450 linear kilometers of seismic data were successfully acquired
within budget and on schedule. Third party processing of this data
by DownUnder GeoSolutions (America) LLC in Houston, Texas, and Absolute Imaging Inc. in
Calgary, Canada, began as each
seismic line was acquired, providing a very time efficient and
uniquely interactive approach to the processing.
Importantly, the initial processing results of the seismic
acquisition has produced high quality data revealing a variety
of structural and stratigraphic features providing for a target
rich environment for the upcoming drilling program scheduled for
early Q1, 2022.
An example of the early processing results of a seismic line is
provided below. This line is shown twice, the first version an
initial interpretation and the second, a clean version,
illustrates:
- The overall good quality of the initial processed data.
- Significant extensional grabens with normal fault systems
connected by steep wrench-related shear zones.
- Well-developed expansion of stratigraphic section in the
grabens.
- Good fault resolution, some major faults extending over several
thousand meters to near surface, and potential for multiple styles
of trapping.
- Consistency with the rift basin origin of the Kavango
basin.
Example Line 1; North South line, Central Kavango Basin. Line
length 66km.
Additional two seismic lines can be found via the
following link HERE.
These results also highlight a clear distinction between the
Kavango basin, and the Owambo basin to the west, which is in a much
simpler tectonic setting.
The Company will continue processing the data to maximize image
quality, and has begun the interpretation of the data, integrating
available stratigraphic well data, with the intention of
identifying new well locations by year end.
Immanuel Mulunga, Managing Director of NAMCOR commented, "NAMCOR
is excited by the preliminary results of the recently concluded 2D
seismic survey in our licence area. While we look forward to the
processing and interpretation of the entire 2D survey, these
initial findings give us extra confidence to choose the optimal
drilling locations for the upcoming drilling campaign."
Dr. Jim Granath stated, "These
initial results of the first 2D seismic program prove that our
acquisition and processing program provides good quality
interpretable data, and that seismic will be a cornerstone of our
current and future exploration program. This initial seismic data
proves the Company's basic premise, that the Kavango Basin is
clearly a rift basin (geologically different from the
Owambo Basin), with similar features to many of the world's
petroleum producing provinces."
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 initial results from the seismic
acquisition program, including such results proving that the
Kavango Basin is a rift basin, the interpretation and analysis of
the initial results from the seismic acquisition program, the
expected timing for the processing of all seismic data and
comprehensive interpretation, the intention of the Company to
identify new well locations by year end and commence a target rich
drilling campaign in early Q1, 2022, the Company's acquisition and
processing program continuing to provide good quality interpretable
data, with such program being a cornerstone of the Company's
current and future exploration programs 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.