VANCOUVER, BC, Oct. 20, 2020 /CNW/ - Reconnaissance Energy
Africa, Ltd. (the "Company" or
"ReconAfrica") (TSX-V: RECO) (OTCQX: RECAF)
(Frankfurt: 0XD) is pleased to
provide an operations update on the Company's initial programs
opening the deep Kavango Basin in the Kalahari Desert of North
East Namibia and North West
Botswana.
"As result of ReconAfrica's successful financing completed
August 20, 2020, the Company is now
funded to initiate and complete its three well drilling program
designed to confirm an active petroleum system in its fully
licensed Kavango Basin. Although ReconAfrica and its
contractors experienced various COVID-19 related shut downs during
the spring and summer months of 2020, the Company is now making
significant progress on executing the first drilling and seismic
programs, to open this new sedimentary basin," stated Scot Evans, Chief Executive Officer. "The
following is an update of active and planned operations in both
Houston, Texas and Namibia.
Crown 750 Rig Refurbishment and Shipping to Namibia by Mid-November
The Company's 1000 HP Crown drilling rig (Jarvie-1) purchased in Q1 2020 is near
completion of its refurbishment and upgrades. Key components of the
upgrades include, among other items, a rebuilt and certified 250
ton Tesco Top Drive designed for higher performance and an
additional third mud pump (1300 HP) designed for greater safety and
higher performance. The refurbishment and upgrades program,
scheduled for completion by the end of October 2020, is led by Nick Steinsberger, ReconAfrica's Senior Vice
President of Drilling and Completions and conducted by Henderson
Rigs in their Houston yard.
Scheduled for departure mid November
2020, the drilling rig, ancillary equipment and a
significant amount of spare parts will be shipped from the Port of
Houston, Texas to the Port of
Walvis Bay, Namibia. Expected time
in transit is 28 days.
Drilling Program in the Kalahari Desert, Namibia, Target Late December
Spudding the important 6-2 well, the first of the initial three
wells, is scheduled for late December, 2020. While there can still
be some delays, largely COVID-19 related, we are confident
any delays will be measured only in days.
ReconAfrica is receiving excellent support for all operations
from industries major service companies, local contractors and
local workers. Importantly, contracts for primary drilling
services, which are now being awarded, will be provided by
experienced international industry leaders, including Schlumberger
and Halliburton. There is no hydraulic fracturing or other
stimulation in the well program, as the targets
are conventional reservoirs.
ReconAfrica will work with Namibian stakeholders and is
committed to using local staff and service providers, when
possible. As a result, 90% of the in-country work is being
conducted by local workers and service providers, led by the
Company's Namibian project manager, Pioneer Energy.
In keeping with all protocols outlined in the Environmental
Impact Assessment and other pertinent regulations, site work for
the 6-2 drilling pad and the associated working camp are proceeding
on schedule. It is our continued commitment to adhere
to and exceed all Namibian latest environmental laws and
regulations. ReconAfrica is focused on an environmental, social and
governance (ESG) approach to business.
Seismic Program, Conventional Traps
The Company's seismic program is progressing well, with the
initial 450 km 2D seismic design now complete. The seismic
Environmental Impact Assessment is now in progress and conducted by
Dr. Sindila Mwiya of RBS CC, an experienced and well recognized
third-party Namibian based environmental consulting company.
The open bidding process for the initial vibroseis seismic
program is in progress with the award expected by the end of
October, 2020 and initial execution of the program during Q1 2021.
This 2-D seismic program is designed to delineate conventional
hydrocarbon traps throughout the Kavango Basin.
The Company looks forward to active and highly successful
operations in Q4 2020 and Q1 2021, focused on establishing the
newly discovered Kavango Sedimentary Basin as a major oil and gas
province.
ReconAfrica is a junior oil and gas company engaged
in the opening of the newly discovered deep Kavango Sedimentary
Basin, in northeastern Namibia and
northwestern Botswana where the
Company holds petroleum licenses comprising approximately 8.75
million contiguous acres.
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 timeline for
completion of the refurbishment and shipment of the Company's
drilling rig, the timeline for the award of service contracts to
service providers, the Company's proposed exploration and drilling
activities and timelines and the anticipated results of the
Company's proposed exploration and drilling activities. 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.