Exciting Drilling Progress at ReconAfrica's Kavango West Well
Exciting Update from ReconAfrica on Drilling Activities
CALGARY, Alberta — Reconnaissance Energy Africa Ltd. (the Company or ReconAfrica) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) has officially commenced drilling at the Kavango West 1X exploration well, marking a significant milestone in its ongoing operations.
Kavango West 1X Well Overview
The Kavango West 1X prospect has begun its drilling phase. This well aims to reach a total depth of approximately 3,800 metres (12,500 feet) by the end of the year, penetrating over 1,500 metres of the Otavi carbonate reservoir, the primary focus of the Damara Fold Belt play. This prospect is noteworthy due to its substantial structural fold identified through advanced 2D seismic data, measuring over 22 kilometers in length and 3 kilometers in width.
Exciting Possibilities Ahead
ReconAfrica has mapped over 19 prospects and 4 leads within the Damara Fold Belt trend, having recently expanded its horizons with an additional 5.0 million acres secured via a Memorandum of Understanding in Angola. The potential for significant resource discoveries is profound, and updates on the progress of the Kavango West 1X drilling will be shared in due course.
Corporate Insights from Leadership
Brian Reinsborough, President and CEO, expressed enthusiasm about starting the Kavango West 1X well. He stated, “This is an exciting time for everyone involved with the Company, including our partners in Namibia, stakeholders, and shareholders. The reprioritization of this location, influenced by prior well results, reflects our commitment to technical rigor in site selection for optimal commercial success.” He looks forward to sharing results expected before the end of the year.
Strategic Decision Making
Chris Sembritzky, SVP Exploration, added, “The Kavango West 1X well utilizes insights gained from the Naingopo well, marking it as the best opportunity identified on seismic data within the Damara Fold Belt due to its size, hydrocarbon migration pathways, and well-defined structural closure. With a skilled drilling crew and specialized drill bits in place, we anticipate a successful and efficient drilling process.”
Adjustments to Future Plans
As drilling progresses, the previously anticipated 3D seismic program scheduled for later in 2025 will be shifted to the 2026 operational calendar. ReconAfrica remains vigilant, continuously exploring investment opportunities that may involve further acreage acquisition and joint ventures aimed at enhancing production capabilities and generating free cash flow.
Stock Options for Team Members
In a recent annual compensation review, the Company granted stock options to select directors, officers, employees, and consultants, allowing them to acquire a total of 6,960,000 common shares at a price of $0.60 per share. These options, valid for five years expiring in 2030, will be subject to specific vesting conditions established by the Company’s Board of Directors.
About ReconAfrica
ReconAfrica is a Canadian oil and gas entity focused on exploring the Damara Fold Belt and Kavango Rift Basin nestled in the Kalahari Desert region, including significant areas in Namibia, Angola, and Botswana, holding petroleum licenses across approximately 13 million contiguous acres. The Company is dedicated to minimizing its environmental footprint while adhering to international standards and best practices in all its operations.
Contact Information
For more information, reach out to:
Brian Reinsborough, President and Chief Executive Officer
Mark Friesen, Managing Director, Investor Relations & Capital Markets
Email for Investor Relations: investors@reconafrica.com
Email for Media Inquiries: media@reconafrica.com
Frequently Asked Questions
What is the current status of the Kavango West 1X well?
The Kavango West 1X well has commenced drilling with a target depth of approximately 3,800 metres.
Why was the location of Kavango West 1X reprioritized?
The location was reprioritized based on the results from the Naingopo well to enhance the chances of commercial success.
What are the future plans for ReconAfrica?
The Company plans to continue exploring investment opportunities and has moved the 3D seismic program to 2026.
What stock options have been granted to employees?
6,960,000 common shares at an exercise price of $0.60 per share have been granted as part of the annual compensation review.
What is the focus area of ReconAfrica's exploration?
ReconAfrica focuses on the Damara Fold Belt and Kavango Rift Basin, covering approximately 13 million acres in Namibia, Angola, and Botswana.
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