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WINDHOEK, Namibia and VANCOUVER, BC, April 15, 2021 /CNW/ - Ministry of Mines and Energy ("MME") and Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) are pleased to announce preliminary analysis of the data from the 6-2 well, the first of a three well drilling program, provides clear evidence of a working conventional petroleum system in the Kavango Basin.
First Drill Site (6-2 well)
The well sample log of the 6-2 provides over 200 meters (over 660 feet) of oil and natural gas indicators/shows over three discrete intervals in a stacked sequence of reservoir and source rock. Extraction of oil from these samples and subsequent fingerprinting for key characteristics of the liquids, supports an active petroleum system with multiple source intervals.
Dan Jarvie, petroleum systems chemist and member of ReconAfrica's Advisory Board stated "These shows are indicative of migrated, thermogenic petroleum and occur over three different intervals in the 6-2 test well. The intervals penetrated include highly porous, permeable sediments and marine source rocks as predicted, and an extensive marine carbonate lithofacies. Mud gas results indicate a high BTU gas with the presence of light oil in numerous cutting samples. Based on these initial results, the components and processes for a working petroleum system are all present."
Working closely with MME and ReconAfrica to provide further detailed analysis of all data are premier industry service companies including:
Core Laboratories ("Core Lab") of Houston, Texas in the analysis of potential reservoir rocks,and
GeoMark Research, Houston, Texas on geochemical analysis of source rocks and extracted liquids, including "fingerprinting" for key characteristics, and
Netherland Sewell & Associates Inc, Dallas, Texas for petrophysical analysis (rock properties and associated liquids) and additional geologic analysis.
Second Drill Site (6-1 Well)
With drilling, coring and logging operations now complete on the 6-2 location, the Company owned rig is being mobilized to the 6-1 location, 16 kms (10 miles) north of 6-2 drill site. This second well is designed to evaluate the petroleum systems discovered in the first well (6-2) in an area of maximum thickness.
Hon. Thomas Alweendo, Namibian Minister of Mines and Energy stated, "This is a great period for the people of Namibia, with the results of the well confirming a big potential for a very valuable energy resource for our country and therefore a significant development for Namibia onshore exploration efforts. The positive results of this well have provided us with the critical information required to unlock the country's petroleum prospectivity and is the first step in the process of locating significant accumulations, we can now confidently confirm Namibia is endowed with an active onshore petroleum basin."
The Ministry of Mines and Energy of Namibia (MME) is the State's lead agency in attracting private investment in resources exploration and development through the provision of geo-scientific information on minerals and energy resources, and management of an equitable and secure titles systems for the mining, petroleum and geothermal industries. It also carries prime responsibility for regulating these extractive industries and ensuring that safety, health and environmental standards are consistent with the relevant State and Commonwealth legislation, regulations and policies.
ReconAfrica is a junior, 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.
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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 data from the 6-2 well providing clear evidence of a working conventional petroleum system in the Kavango Basin, the mobilization of the Company owned rig to the 6-1 location 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 annual information form dated July 27, 2020 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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