Reconnaissance Energy Africa Ltd. announces an operations
update with respect to activity relating to Petroleum Exploration Licence 73 (“PEL 73”), onshore
northeast Namibia, and an update on the joint venture process.
Brian Reinsborough, President and CEO commented: “Our operations teams and contractors
are very busy completing the camp and rig moves this week. Since our last update the Jarvie-1
drilling rig has undergone all its maintenance and certification processes with no major issues
noted. It has been rigged down and is moving approximately 80 kilometers to the Naingopo
location. The conductor hole has been drilled and we continue to track for a spud toward the end
of the month. The well is expected to take 90 days to drill, targeting multiple reservoir intervals in
the highly prospective Damara Fold Belt. Our joint venture process continues to progress towards
closure as we target a completed transaction ahead of the start of drilling of the Naingopo well.”
Chris Sembritzky, SVP Exploration commented: “There is tremendous excitement about the
upcoming spud of the Naingopo exploration well, which will be the first well to test the Damara
Fold Belt. The thorough petroleum systems work that our team has conducted over the last six
months gives us increased confidence in finding hydrocarbons in our first well. In the event of
success, we have substantial running room with an additional four prospects and 20 leads that
have been mapped and defined.”
Nick Steinsberger, SVP Drilling and Completions commented: “The operations team is very
excited to finalize the preparations to spud the upcoming Naingopo exploration well. All the drilling
crews are in place with both Namibian nationals and expats, the majority of whom have worked
on the Jarvie-1 before, ensuring operational continuity. All the equipment and services needed to
drill the well are either onsite or scheduled to arrive in the next two weeks.”
First Damara Fold Belt Well – Naingopo Prospect
The move of the working camp and the drilling rig from the Wisdom Farm 5-1 location are
wrapping up, with everything expected to be operational on the Naingopo well site towards the
end of the month. The well remains on schedule to begin drilling this month and is targeting 163
million barrels of unrisked prospective oil resources or 843 billion cubic feet of unrisked
prospective natural gas resources, net to ReconAfrica, based on the most recent prospective
resources report prepared by Netherland, Sewell & Associates, Inc. (“NSAI”) dated March 12,
2024, and available on the Company’s website (the “NSAI Report”)(1) (2)
.
Joint Venture Process Update
The Company continues to progress its farm out joint venture process which we expect to
conclude in the next few weeks.