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Recon Africa TSXV:RECO, OTC:RECAF - PlayStocks

Recon Africa TSXV:RECO, OTC:RECAF

  • Post
    • July 8, 2024 at 8:53 am
    RonS
    Keymaster
    none
    Recon Africa is a very unique oil&gas explorer  because they own a whole basin in Namibia comprising of about 8.1 million acres. In recent years they did 3 exploration wells that proved a working petroleum system but no economic oil or gas accumulations were found. They then did extensive 2D seismic surveys and eFTG data resulting in 23 prospects in their Damara fold belt and 51 prospects and leads in their Rift play. The stock is about 80% held by institutions. On July 7,2024 they spud the first of 3 exploration wells in the Damara fold belt.

    The well is expected to drill to a depth of approximately 12,500 feet, or 3,800 metres, and is projected to encounter four primary reservoir intervals targeting both oil and natural gas. Drilling is expected to take approximately 90 days and will include three sets of logging operations, coring and reservoir testing.

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    • July 8, 2024 at 9:08 am
    Gambler
    Participant
    none
    RonS, good job on the new site. Thanks for starting RECO Topic, I have held the stock quite a while and a good position. Exciting times coming again with the drill turning. In today’s news

    <i>Brian Reinsborough, President and CEO commented</i>: “Our operations teams spud the well on July 7, 2024. We are extremely excited to be drilling this high impact Damara Fold Belt well that our technical and operations teams have been planning over the past 11 months, since I joined ReconAfrica. The Naingopo well represents the first well in a multi-well exploration drilling campaign on PEL 73. The well is anticipated to reach total depth of 3,800 metres (12,500 feet), and take 90 days to drill. This is a significant play opening well which may unlock a total potential resource of over 3.1 billion barrels of oil or 18 trillion cubic feet of natural gas based on the most recent prospective resource report prepared by Netherland, Sewell & Associates Inc. (“NSAI”), dated March 12, 2024<sup>(1)</sup>.”

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