Reply To: Recon Africa TSXV:RECO, OTC:RECAF

I did manage to buy some more on this dip. Things progressing nicely with the exploration well

 

RECONAFRICA ANNOUNCES AN OPERATIONS UPDATE

Reconnaissance Energy Africa Ltd. has provided an operations update with respect to activity relating to petroleum exploration licence 73, onshore northeastern Namibia.

Brian Reinsborough, president and chief executive officer, commented: “With the company funded for our multiwell exploration program and the joint venture agreement in place with BW Energy, focus returns to operations associated with the Naingopo exploration well and other activities on PEL 73. The Naingopo well is currently drilling on schedule and on budget to a depth of 1,450 metres, and we will soon be drilling into key targeted intervals. We will continue to drill through key intervals throughout the remainder of the well, which is targeted to complete drilling in early October with results thereafter. We are pleased with the performance of our drilling crew and all the people from our key third party contractors. Elsewhere on PEL 73, we have started construction on the access road leading to Prospect P, our second Damara fold belt exploration well, which is targeted to commence drilling in [fourth quarter] 2024. One year ago this month, I began my journey with the company, during which we have implemented widespread strategic and tactical changes and are currently executing multiple facets of our high-impact exploration program, which we expect to deliver significant value for shareholders.”

Exploration drilling

The Naingopo exploration well has been drilled to a depth of 1,450 metres, with surface casing set at 350 metres and a first casing string set at 1,200 metres. The well has been tracking to drilling depth and well cost estimates, with everything on schedule and plan.

As a reminder, the Naingopo well is targeting 181 million barrels of unrisked prospective light/medium oil resources or 937 billion cubic feet of prospective natural gas resources, on a 100-per-cent working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates Inc. The well is targeting to drill to a depth of approximately 3,800 metres or 12,500 feet, and is expected to encounter four primary reservoir intervals targeting both oil and natural gas. If successful, the well would be a major play-opening discovery, providing access to multiple drill-ready prospects.

Elsewhere on PEL 73, the company continues to make progress in the construction of the access road for the second Damara fold belt exploration well, Prospect P, which is expected to start drilling in the fourth quarter of 2024. Prospect P is targeting 309 million barrels of unrisked prospective light/medium oil resources or 1.6 trillion cubic feet of prospective natural gas resources, on a 100-per-cent working interest basis, based on the most recent prospective resource report prepared by NSAI.