Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) CEO Brian Reinsborough has reflected on “another transformational year” for the company in 2024 along with the filing of its annual financial statements for the period.
Reinsborough highlighted the completion of the company’s agreement with BW Energy Ltd for a 20% farm down of Petroleum Exploration License (PEL) 73 as a significant milestone.
“We also released our first sustainability report and drilled our first Damara Fold Belt well safely and without incident,” Reinsborough said.
“The Naingopo exploration well demonstrated the liquid hydrocarbon potential of the Damara Fold Belt.”
According to an updated technical report, the company’s Damara Fold Belt play prospects on PEL 73 contain an estimated 12.8 billion barrels of undiscovered original oil in place (OOIP), 2.6 billion barrels of unrisked prospective light/medium crude oil resources, and 157 million barrels of risked prospective resources.
Additional prospective resources from the Karoo Rift play include 2.5 billion barrels of undiscovered OOIP and 25 million barrels of risked prospective resources.
Other operational highlights from 2024 included the drilling of the Naingopo exploration well in November 2024, which confirmed the presence of a working petroleum system.
The company has selected Prospect I as its next exploration target, with drilling preparation underway.
Prospect I is estimated to hold 346 million barrels of unrisked and 30 million barrels of risked prospective light/medium crude oil resources.
“We are looking forward to 2025 being another successful year with drilling our highly anticipated Prospect I and commencing our planned 3D seismic program in Namibia,” Reinsborough concluded.
“Work is well underway to prepare for drilling Prospect I, which is expected to spud later this quarter. I am excited about Prospect I as this is the best risked exploration well drilled to date by the company.”