Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) (ReconAfrica) has announced the completion of drilling operations on its Naingopo exploration well, located on Petroleum Exploration Licence 073 (PEL 73) in onshore Namibia.
The well was drilled to a total depth of 4,184 meters (13,727 feet), surpassing the initial projected depth of 3,800 meters.
ReconAfrica will start an evaluation program to analyze subsurface data and determine the resource potential of the area, it said in a statement.
“The Naingopo well is the first of several to test the potential resource of the Damara Fold Belt,” CEO Brian Reinsborough told shareholders.
The evaluation process will include wireline logging, coring, Modular Formation Dynamics Tester (MDT) sampling and testing, and a Vertical Seismic Profile (VSP), with preliminary results from the Naingopo well expected in the coming weeks.
“Our technical team will then assess all data to determine the results, which will assist us in finalizing further plans in the Damara Fold Belt,” Reinsborough added.
The Naingopo well is targeting significant resource potential, estimated at 181 million barrels of unrisked and 15 million barrels of risked prospective light/medium oil resources, or 937 billion cubic feet of unrisked and 65 billion cubic feet of risked prospective natural gas resources.
Following the evaluation of Naingopo, ReconAfrica plans to move operations to the Kumbundu (Prospect P) location. The Kumbundu well is targeting even larger potential resources, with estimates of 309 million barrels of unrisked and 15 million barrels of risked prospective oil, or 1.6 trillion cubic feet of unrisked and 64 billion cubic feet of risked prospective natural gas.
ReconAfrica plans to perform repair and maintenance on the Jarvie-1 drilling rig this month before mobilizing to the Kumbundu site.