Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) announced that the Kavango West 1X exploration well in Namibia has been drilled safely and efficiently to a current depth of 4,158 metres (m), which is deeper than the originally planned total depth of 3,800m.
The Canadian oil and gas company said it applied for and received approval to drill to about 4,200m based on the encouraging presence of hydrocarbons.
“The company is encouraged with the drilling results to date, which show the presence of hydrocarbons through numerous oil and gas shows, as well as strong and consistent natural gas markers on mud logs throughout the Otavi reservoir package,” Reconnaissance Energy Africa CEO Brian Reinsborough said in a statement.
“We plan to conduct an extensive wireline test program to verify the hydrocarbon shows, including fluid sampling and pressure measurements upon reaching total depth.”
Reinsborough noted that the company remains on track to provide results before year-end, once the well has been thoroughly evaluated.
Shares gained 15% in the US and 16% in Toronto on the news Wednesday morning.