VANCOUVER, BC, April 3,
2023 /CNW/ - Reconnaissance Energy Africa Ltd.
(the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF)
(Frankfurt: 0XD) is pleased to
announce as a result of recent data from the ongoing phase two 2-D
seismic program, a significant new play type has been confirmed in
the southern and western parts of the Company's ~6.3 million acre
exploration licence area in Namibia – PEL 73. This new fold belt
province, the "Damara Fold Belt", initially identified SW of the
Karoo Rift Basin, consists of a very prominent and clearly imaged
series of anticlinal structures, also known as Whaleback
anticlines.
These elongated anticlinal folds, which are often faulted, have
a consistent linear trend in a NW to SE direction. With growing
seismic data coverage used to identify these fold structures, 16
such structures have been recognized so far, with an areal extent
of up to 50,000 acres (200 sq kms) and ~650 feet (200 metres) of
column height, similar to structures found in the Zagros Fold Belt
in Iran and Iraq (See maps & seismic).
The earlier phase of 2D seismic combined with stratigraphic test
wells which penetrated the underlying Damara section (pre-Karoo
aged stratigraphy), initially identified the fold belt below the
Karoo Rift Basin and confirmed the trend and presence of these fold
structures, carbonate reservoir rocks with up to 17% matrix
porosity, fracture porosity, and significant oil shows (Netherland,
Sewell & Associates Report). As per prior press release, gas
samples from the most recent stratigraphic test well, sampled in
Isotubes during drilling this (pre-Karoo) section, have been
analysed by a third-party industry laboratory, GeoMark Research
(Houston, TX), showing thermogenic
methane gas and good concentrations of hydrocarbon gas liquids.
Importantly, a natural gas seep has been located on top of one of
these elongated anticlines.
Stratigraphically, the Damara section (pre-Karoo) is expected to
contain multiple source rock intervals associated with glacial and
post-glacial anoxic events, continental, and marine organic rich
source rocks. It is expected the reservoirs and seals would be
composed of stacked sequences of sands, limestones, dolomites and
shales.
Extension of the phase two seismic program, which is currently
being acquired, was designed to increase the seismic control,
validate and delineate the full extension of this new play type.
The 2D seismic data will be supplemented by a high resolution eFTG
(Full Tensor Gravity) survey, recently permitted. An integrated
interpretation of seismic, well data, eFTG and aero-magnetics has
been prioritized and will enable three dimensional mapping of these
large structures.
The Company has applied for drilling permits
for
six Damara locations, which are subject to
further refinement once final data acquisition and interpretation
are completed by July 2023. Subject
to permitting, the Company expects to drill the first Damara Fold
Belt location shortly thereafter.
Extension of the phase two seismic program was also designed to
delineate the full extension to the southeast of the Karoo Rift
Basin. Timing for additional Rift Basin wells, including previously
announced 5-1 well in the Rift Basin, is postponed until completion
of the seismic, the eFTG program, a full sequence stratigraphic
integrated interpretation and the resulting prospect ranking for
the entire licence area.
Seismic Operations
Acquisition of the Phase 2 extension 2-D seismic program (~1500
km) is on schedule to be finished in May of this year, completing
the Company's planned regional seismic acquisition program totaling
~2800 kms. This program expands 2D seismic coverage of
both the new Damara Fold belt province and over the initial
play, the Karoo Rift Basin, to the southeast corner of PEL 73.
Results of the next well to test one of the structures in the
Damara Fold Belt will be a part of the area wide risk weighted
ranking of multiple play types, both in the Damara Fold Belt and
the Karoo Rift Basin, which also remains highly prospective.
Petroleum Systems Analysis
Simultaneously, with the accelerated exploration focus on the
Damara Fold Belt, a Petroleum System Analysis by a third-party
specialist designed to evaluate the source rock maturity,
generation and expulsion timing of hydrocarbons is also underway.
This will be augmented by seismic sequence stratigraphic
interpretation and mapping of the depositional environments to
provide management with a more comprehensive understanding of the
petroleum system, play fairway, and its variation within the entire
Kavango Stratigraphic basin.
About ReconAfrica
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
licences comprising ~8 million contiguous acres. In all aspects of
its operations ReconAfrica is committed to minimal disturbance of
habitat in line with 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 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 Company's engaging a survey provided
to perform an enhanced full tensor gravity survey, including the
expected timing for the completion of, and the interpretation of
results from, such survey, the uses, objectives and expected
results of such survey, the size of such survey and the equipment
to be used to perform such survey, the Company's Phase 2 extension
of its 2D seismic acquisition program, including the expected
timing for completion, and the interpretation of results from, such
program, the Company's expected drilling at the Damara Fold Belt,
including the expected timing and receipt of permits and the
completion of final data acquisition and the interpretation of the
results from such data acquisition, the expected timing for the 5-1
test well, including with respect to the completion of the seismic
eFTG program, full sequence stratigraphic integrated interpretation
and the resulting prospect ranking for the entire licence area, the
Company's expectations with respect to recognized anticlines in the
area covered by the Company's PEL 73 exploration licence in
Namibia, including those
anticlines being similar to the Zagros Fold Belt and the location
of a natural gas seep along the anticlines, the Company's
expectations with respect to the recognition of additional
anticlines along the Damara Fold Belt, the Company's expectations
of the composition of source rock intervals in the Damara Fold
Belt, the Company's expectations with respect to the Petroleum
System Analysis to be performed by a third-party specialist,
including obtaining a more comprehensive understanding of the
Kavango Stratigraphic basin and the Company's commitment to minimal
disturbance of habitat, in line with best international 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
and the "Risk Management and Risk Factors" section in the Company's
interim management's discussion and analysis dated March 1, 2023, 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.