Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) (ReconAfrica) announced that it has completed pre-drill evaluations and remains on track with pre-construction work ahead of drilling its largest-ever target, Prospect I, located onshore Namibia in Petroleum Exploration Licence 073.
The onshore Prospect I aims for up to 365 million barrels of unrisked and 32 million of risked light to medium oil or 1.9 trillion cubic feet of unrisked and 140 billion cubic feet of risked natural gas, ReconAfrica said in a progress update on Thursday.
The planned well at Prospect I is expected to reach a target depth of 3,800 metres, with the flexibility to drill deeper, as was done in the Naingopo exploration well.
The Otavi formation is anticipated to be between 1,500 and 1,800 metres thick, depending on the final drilling depth.
Insights gained from Naingopo have enhanced the company's geological model of the Damara Fold Belt, particularly in terms of time and depth migration in the Mulden and Otavi formations.
This is the same reservoir where Naingopo encountered more than 50 metres of reservoir-quality carbonates and recorded oil shows.
"We are excited to be making great progress ahead of drilling one of the company's largest and most attractive prospects,” ReconAfrica CEO Brian Reinsborough said in a statement.
“The results of the Naingopo exploration well announced in January 2025 increased our confidence in the potential for Prospect I. We remain on track to spud the well this quarter and are looking forward to unlocking the significant potential of the Damara Fold Belt."
Shares of ReconAfrica were up almost 2% on Thursday afternoon.