Initial exploration and development will be conducted in the first of five sub-basins within the larger Kavango Basin where the Company holds petroleum rights over the entire sedimentary basin covering approximately 8.5 million acres.
HIGHLIGHTS
- The results of the first two stratigraphic test wells drilled by ReconAfrica and subsequent 2D seismic data collected in the Kavango Basin of northeastern Namibia have established a significant rift basin similar to the other major petroleum provinces/rift basins, including Africa Mainland and North Sea areas.
- So far, the integrated interpretation has established three groups of hydrocarbon opportunities (“plays”), shown in the play map below:
- Primary: Karoo Rift Fill (light oil)
- Secondary: Intra-Rift Fault Blocks (Light Oil)
- Secondary: Damara Fold Belt (NEW PLAY, gas/gas condensate)
- Work has initially identified five drillable prospects (including the deflection of hole 6-2) and eighteen leads in the first of five subbasins. These leads may be matured into drillable targets driven by the second phase of the 2D seismic acquisition currently underway.
- To date, six potential deposit and four potential source rock trends have been identified in the basin. Initial thermal analysis indicates that the source rock of the lower Karoo Rift fill should be in the light oil ripening interval.
- New Game Identified: Interpretation of the first phase of seismic data also identified a new game, the Damara fold belt, which was not anticipated in the original studies of the Kavango Basin. These structures, as illustrated by the seismic sample, appear outlined in purple in the game map and appear coherent, mappable, and potentially large.
- Designated ASF-1 on the playing map, an active combustible gas leak was found that is clearly thermogenic hydrocarbons and is part of an active petroleum system, as confirmed by third-party analysis. It also supports the concept of potentially more than one parent rock system including both light oil and gas/gas condensate.
- In 2022, ReconAfrica plans to initiate a multi-well drill program beginning with three test wells and a leg of well 6-2. Importantly, these will be the first wells drilled into seismically defined traps to demonstrate the commercialization of this petroleum system. The Company and relevant government agencies are advancing drilling permits with the goal of drilling the first of three wells in Q2 2022. A more detailed timeline for construction and drilling of the first well will be provided in the coming weeks.
- Phase 2 seismic coverage (approximately 600 km) is currently progressing with good progress, with a focus on defining prospects and expanding into new areas to the east and south.
- Current drill prospects are shown as black circles on the game map below.
- Additional details on the exploration update, including updated drill plans, are available in a white paper on the Company’s website HERE.
Scot Evans, Chief Executive Officer of ReconAfrica, commented, “As we continue to advance the evaluation and exploration of the Kavango Basin, our work to date has increased our confidence that the Kavango Basin is highly prospective for conventional oil and natural gas. Building on this Following the success of our 2021 program, we are now focused on executing our 2022 seismic acquisition and drilling program. As we begin this second phase of operations, I would like to acknowledge the strong support for this project from the Namibian government and local communities, and I would like to thank all people Thank you to ReconAfrica and its local affiliates for their incredible efforts in deepening our understanding of the Kavango Basin, which we believe is one of the largest undeveloped onshore basins in the world.”
About ReconAfrica
ReconAfrica is a Canadian oil and gas company involved in the development of the newly discovered Kavango Sedimentary Basin in the Kalahari Desert of north-eastern Namibia and north-western Botswana, where the Company holds petroleum licenses totaling approximately 8.5 million acres. In all aspects of its operations, ReconAfrica is committed to minimal habitat disturbance in accordance with the best international 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 the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
:
Certain statements in this press release constitute forward-looking information under applicable Canadian, U.S. and other applicable securities laws, rules and regulations, including without limitation, statements regarding the interpretation and analysis of the results of the Company’s seismic acquisition program and stratigraphic drill holes, including such results showing a significant rift basin, three sets of hydrocarbon opportunities in the Kavango Basin, and numerous drillable prospects and leads with the potential to mature into drillable prospects in the Kavango Basin, thermal basin modeling indicative that certain source rocks will be in a light oil ripening interval and the first phase of the seismic acquisition program to identify a new occurrence not anticipated in the original Kavango Basin studies, and the potential characteristics of such a deposit, the potential characteristics of the prospects in the Kavango Basin, including potential reservoirs and source rock trends, gas wells located on and around the Company’s project area, the concept of potentially more than one source rock system, the timeline for the Supported the initiation and objectives of the Company’s 2022 multi-hole drill program, including the timing of obtaining the permits required to commence the Company’s 2022 multi-hole drill program and the timing of drilling the first well in this drill program, the Timeline for providing a final timeline for construction and drilling of the first well in the Company’s 2022 multi-drill program, the Company is updating its resource reports, the Kavango Basin is one of the largest undeveloped onshore basins in the world and the Company’s commitment mens for minimal disruption in line with the international best standards and its implementation of environmental standards and social best practices in all project areas. These statements relate to future events or future performance. The use of any of the words “may,” “intend,” “expect,” “believe,” “will,” “forecast,” “estimate,” and similar expressions and statements regarding matters that are not historical facts is intended identifies forward-looking information and is based on ReconAfrica’s current beliefs 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 of 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. Typically, various assumptions or factors are used to reach conclusions or to make projections or projections that are contained in forward-looking information. These assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this press release is made as of the date of this release 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 required 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 Enlightenment Energy Africa Ltd.
For more information: Scot Evans CEO | Tel: +1-877-631-1160; Grayson Andersen Manager, IR | Tel: +1-877-631-1160; E-mail: [email protected]; Email for IR inquiries: [email protected]; Email for media inquiries: [email protected] | www.reconafrica.com