Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) (ReconAfrica) has provided investors with an update on its operations at Petroleum Exploration License 73 (PEL 73), offshore Namibia.
The Canadian oil and gas explorer said, having secured funding for a multi-well exploration program and with a joint venture agreement in place with BW Energy, its focus has returned to the Naingopo well.
The well has been drilled to a depth of 1,450 meters, with surface casing set at 350 meters and a first casing string set at 1,200 meters.
“The Naingopo well is currently drilling on schedule and on budget to a depth of 1,450 metres and we will soon be drilling into key targeted intervals,” ReconAfrica CEO Brian Reinsborough said in a statement.
“We will continue to drill through key intervals throughout the remainder of the well, which is targeted to complete drilling in early October with results thereafter. We are pleased with the performance of our drilling crew and all the people from our key third-party contractors.”
ReconAfrica highlighted that, based on a resources report prepared by Netherland, Sewell & Associates Inc (NSAI), the Naingopo well is targeting 181 million barrels of unrisked prospective light/medium oil resources or 937 billion cubic feet of prospective natural gas resources.
The company aims to drill the well to a depth of 3,800 meters, which is expected to encounter four primary reservoir intervals targeting oil and natural gas.
In another area of PEL 73, the company reported progress in the construction of an access road for the second Damara Fold Belt exploration well, Prospect P. Drilling at this well is expected to commence in the fourth quarter.
Prospect P is targeting 309 million barrels of unrisked prospective light/medium oil resources or 1.6 trillion cubic feet of prospective natural gas resources, based on the NSAI report.
Additionally, ReconAfrica is working with Polaris Natural Resources to test vibroseis for potential 3D seismic acquisition in the Kavango Rift Basin.
This testing aims to compare vibroseis results with data from the previously used acceleration weight drop system. The outcomes will guide the planning and execution of a possible 3D seismic program in 2025.
ReconAfrica is exploring the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where it holds petroleum licenses comprising approximately 8 million contiguous acres.