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.
Abbreviations:
bbl or
bbls
|
barrel or
barrels
|
Mcf
|
thousand cubic
feet
|
bbls/d
|
barrels per
day
|
Mcf/d
|
thousand cubic feet
per day
|
boe
|
barrels of oil
equivalent
|
MMcf
|
million cubic
feet
|
boe/d
|
rrels of oil
equivalent per day
|
BTU
|
british thermal
unit
|
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.