#Canada #Calgary #ReconAfrica #Damara Fold Belt #Prospect I

Reconnaissance Energy Africa Accelerates Drilling Plans

In an exciting development, Reconnaissance Energy Africa Ltd. has officially announced the acceleration of its drilling schedule for Prospect I into the second quarter of 2025. This acceleration comes on the heels of significant progress made by in-country teams in preparation for drilling activities, which include essential community engagement and infrastructural developments.

Corporate Update

Brian Reinsborough, the President and CEO of ReconAfrica, expressed enthusiasm regarding the advancements made in readying Prospect I for drilling. The company's teams have already begun crucial preliminary work, which includes surveying the land, addressing vegetation, and clearing any potential hazards. In the coming weeks, additional demining efforts will take place, paving the way for constructing a vital 10-kilometer access road and drill pad site.

Prospect I stands out as one of the largest mapped structures located within the Damara Fold Belt, a geological formation recognized for its potential reservoirs. Backed by comprehensive 2D seismic imaging, the site has already demonstrated a noteworthy geological feature—a four-way dip closure. The company projects that drilling at this location will reach depths of over 1,500 meters to effectively target the Otavi reservoir.

Potential Resources

The potential reserves associated with Prospect I are substantial. The latest assessments, done by Netherland, Sewell & Associates, Inc. (NSAI), indicate an impressive estimated 365 million barrels of unrisked light to medium oil resources. Moreover, the report hints at a possibility of about 32 million barrels of risked prospective oil resources. On the natural gas front, the figures reveal approximately 1.7 trillion cubic feet of unrisked gas and 126 billion cubic feet of risked prospective resources. This promising data signals an exciting future for ReconAfrica’s operations as they aim to unlock the hydrocarbon potential of the Damara Fold Belt.

Ongoing Operational Updates

ReconAfrica remains committed to diligently pursuing all activities related to drilling at Prospect I. The company has completed initial surveying, and while de-bushing continues, the impending demining efforts set for the upcoming weeks are anticipated to further expedite preparations. As a result of these developments, ReconAfrica has indeed moved the timeline for drilling to Q2 2025, a direct testament to the company's proactive approach.

Legal and Corporate Developments

In a separate but noteworthy corporate update, ReconAfrica recently entered a global settlement agreement following mediations regarding legal cases in both the U.S. and Canada. The Canadian legal matter received final court approval in June 2024, followed by a similar resolution in the U.S. by the end of December 2024. These legal matters have been fully resolved within the bounds of the company’s insurance coverage, allowing ReconAfrica to refocus its efforts on exploration and development.

About ReconAfrica

ReconAfrica is a Canadian oil and gas exploration company specializing in the Damara Fold Belt and the Kavango Rift Basin in northeastern Namibia and northwestern Botswana. With petroleum licenses extending across approximately 8 million contiguous acres, the company is dedicated to environmental stewardship and minimizing habitat disturbance, adhering to a framework of international standards and best practices.

As ReconAfrica transitions into this new phase of drilling at Prospect I, stakeholders remain optimistic about the potential outcomes and the broader impact on the energy sector in the region. The journey ahead promises to be significant not just for ReconAfrica, but for the various communities and stakeholders involved in their projects.