ReconAfrica & NAMCOR Granted 2D Seismic Permit for the Kavango Basin, Namibia
VANCOUVER, BC, July 7, 2021 /CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) is pleased to announce that the Republic of Namibia's Ministry of Environment, Forestry and Tourism has issued on Friday July 2, 2021 the Environmental Clearance Certificate ("ECC") for the initial 2D seismic program to be conducted in the Petroleum Exploration License No. 73 in the Kavango East and West regions of NE Namibia.
Seismic Operations
With the ECC (seismic permit) now in place, ReconAfrica and NAMCOR (the National oil company of Namibia) have begun acquisition of the initial 450 km 2D seismic program in the Kavango basin. Acquisition is expected to commence during the third week of July for an anticipated duration of 6-8 weeks.
The program provider is Polaris Natural Resources Inc. ("Polaris"), Canada's longest standing geophysical contractor, which was selected through a competitive bidding process. Polaris offers its own patented seismic source the Explorer 860 Accelerated Weight Drop.
All three Explorer 860 source units have arrived at Polaris's newly established base in Rundu, Namibia. Polaris anticipates hiring approximately 100 local personnel with line crew training starting July 6th. This low impact seismic program will be conducted along existing roadways during daylight hours to minimize wildlife disturbance.
Scot Evans, ReconAfrica CEO said, "Now that the first two wells have successfully established an active conventional petroleum system in the Kavango basin, we are moving to the next phase of the exploration process; acquisition, processing, and interpretation of the first regional seismic grid in this newly identified sedimentary basin. The program will provide the regional geologic structural and stratigraphic framework and identify conventional hydrocarbon accumulations, with the goal of commercializing this potential major source of energy for Namibia."
Polaris COO, Joe Little stated, "The acquisition plan is progressing very well for a successful recording launch in mid July. Given our past success with the environmentally friendly Explorer 860 source units on past projects in Africa and given the very high resolution parameters designed by ReconAfrica's seismic team, we anticipate getting excellent data results on the project."
Drilling Operations
ReconAfrica is currently drilling ahead on the 6-1 well, anticipating reaching total depth on or before July 11th. Immediately after reaching total depth, ReconAfrica will commence logging and coring operations designed to maximize hydrocarbon recovery. These operations will be conducted using Schlumberger technology.
About ReconAfrica
ReconAfrica is a Canadian oil and gas company engaged in the opening of the newly discovered deep Kavango Sedimentary Basin, in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum licences comprising approximately 8.5 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbances in line with international best standards and will implement environmental and social best practices in all of its project areas.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the interpretation of data and models relating to the Company's assets, including Earthfield's analysis of aeromagnetic survey data, statements with respect to the Kavango Basin being geologically separate from the Owambo Basin, the Company's proposed exploration, drilling and exploration activities and timelines, the Company's exploration strategy, when the Company anticipates reaching total depth on the 6-1 well, the data from the 6-1 and 6-2 wells providing clear evidence of a working conventional petroleum system in the Kavango Basin and that there is commercial potential in the Kavango Basin, the interpretation and analysis of data, results and samples from the 6-1 and 6-2 wells, the hydrocarbon potential of the Kavango Basin, including statements with respect to ReconAfrica having the technical and financial capabilities to unlock the discovery of commercially viable hydrocarbon reserves, the geology of the Kavango Basin region, the size, characteristics and features of the Company's oil and gas properties, the timing, duration and location of, and the receipt of final permitting for, the Company's 450km 2D seismic program, the costs of the Company's seismic program, the anticipated results of the Company's seismic program, the Company seeking Ministry approvals for the drilling of additional wells in the Namibian portion of the Kavango Basin and the acquisition of addition seismic data, the timing for the commencement of such additional drilling and seismic activities, including the timing for the receipt of approvals and permitting/licensing related thereto, the Company's current cash reserves being sufficient to conduct an initial evaluation of all five sub-basins in the Kavango Basin, the extension of the First Renewal Period to the end of January 2023 and the Botswana portion of the exploration licence to 2034, exploration of the Namibian portion of the Basin continuing until the end of January 2026, there being sufficient time for the Company to fully evaluate the Kavango Basin prior to making production licence applications for the declaration of any petroleum fields, the Company having access to additional funds through capital markets and joint venture optionality, and the Company's commitment to minimal disturbances in line with international best standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the "Risk Factors" section in the Company's amended and restated annual information form dated May 19, 2021 available under the Company's profile at www.sedar.com. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE Reconnaissance Energy Africa Ltd.
Scot Evans CEO | Tel: +1-877-631-1160; Grayson Andersen Manager, IR | Tel: +1-877-631-1160, Email: [email protected]; IR Inquiries Email: [email protected]; Media Inquiries Email: [email protected]
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