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VANCOUVER, BC, June 24, 2021 /CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) provides an update on drilling and seismic operations in the Kavango Sedimentary basin as well as a response to Namibia's serious outbreak of coronavirus infections.
The Company has taken a short break in drilling operations due to maintenance issues and expects to start drilling ahead in the next couple of days to a permitted total depth of approximately 3,800 m (12,500 feet). Reaching total depth on this second well (6-1) is anticipated during the first week of July 2021.
As reported on June 3, 2021, the initial analysis of the first section of the 6-1 well established 134 m (440 feet) of light oil and gas indicators (shows). Thus far in the deeper section of this 6-1 well, the Company has encountered an incremental 209 m (685 feet) of hydrocarbon shows comprising a variety of light oil and natural gas. Collectively, the 6-1 well has encountered 343 m (1,125 feet) of hydrocarbon shows, further confirming an active petroleum system in the Kavango Sedimentary basin.
The Company has formally received all water well regulatory approvals for drilling operations from the Ministry of Agriculture, Water and Land Reform.
Subject to final permitting, the seismic program is expected to commence in the third week of July for an anticipated 6-8 week duration. Polaris Geophysical is currently mobilizing staff and equipment for ReconAfrica's and its partner NAMCOR's (the National oil company of Namibia) 450 km 2D seismic program in the Kavango basin. Polaris Geophysical, Canada's longest standing geophysical contractor, was selected, in part, as they provide the world's lightest impact seismic acquisition equipment along with high quality seismic data. This low impact seismic program will be conducted during daylight hours to minimize wildlife disturbance and along existing roadways.
Polaris Geophysical will operate from its established base in Rundu, Namibia, and anticipates hiring approximately 100 local unskilled and skilled personnel for this important operation.
As a company that has established meaningful relationships and roots in Namibia - with employees, contractors, suppliers, community members and national leaders – our hearts are with the people of Namibia and filled with regret for all that the country has endured due to the COVID-19 pandemic. ReconAfrica has responded to calls for assistance by the Government of Namibia with its recent commitment of a N$15-million contribution to the country's COVID-19 Vaccine Rollout Campaign, which will support the procurement, distribution, and administration of vaccines. This is in addition to the healthcare support the Company provided in the Kavango area in late 2020.
ReconAfrica is also investing capital and taking action to provide safe drinking water in many Namibian communities. In addition to four community water wells the Company has previously drilled and donated, ReconAfrica now has all permits in place to drill an additional eight water wells. The drilling of these community water wells will commence as soon as practicable. Our concern and respect for long-term, safe community water quality and supply in the Kavango Region is backed up by our commitment to all levels of government to ensure careful and comprehensive monitoring and analysis of water and aquifers as part of our approach to environmental management.
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 licenses 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 when the Company anticipates reaching total depth on the 6-1 well, the data from the 6-1 well confirming a working conventional petroleum system in the Kavango Basin, the interpretation and analysis of data, results and samples from the 6-1 well, the commencement, timing, duration and location of, and the receipt of final permitting for, the Company's 450km 2D seismic program, the number of local personnel to be hired for the Company's 450km 2D seismic program, the Company's commitment of N$15 million to Namibia's COVID-19 vaccine roll-out campaign, the commencement of drilling of an additional eight community water wells in Namibia 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.
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