Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) (ReconAfrica) said it is accelerating the start of drilling at Prospect I in Namibia’s Damara Fold Belt to the second quarter of 2025, citing progress in site preparation.
"Our in-country teams have commenced community engagement, surveying, debushing, and demining activities, which will be followed by construction of a 10-kilometre road and drill pad site," said Brian Reinsborough, CEO of ReconAfrica in a statement.
The company describes Prospect I as one of the largest mapped structures in the Damara Fold Belt, with well-imaged four-way dip closure from 2D seismic data.
The well is expected to penetrate over 1,500 metres of Otavi reservoir, which has already shown hydrocarbon potential based on results from the Naingopo well, drilled in the same region.
Prospect I targets 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, as well as 1.7 trillion cubic feet of unrisked and 126 billion cubic feet of risked prospective natural gas resources, according to a recent report.
“We are excited to drill this follow-on exploration well as we continue to look to unlock the significant hydrocarbon potential of the Damara Fold Belt,” Reinsborough added.
Separately, the company said legal proceedings in both the US and Canada were fully resolved after final court approvals in June and December 2024, respectively. The settlements were covered within the company’s insured coverage limits.