(WO) – Reconnaissance Energy Africa Ltd. announced an operations update relating to Petroleum Exploration Licence 73 ("PEL 73"), onshore northeast Namibia.
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 MMbbl of unrisked prospective oil resources or 843 Bcf of unrisked prospective natural gas resources, net to ReconAfrica.
Brian Reinsborough, President and CEO, said, "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 km 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, said, "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, said, "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."
