VANCOUVER, BC, May 24, 2023
/CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or
"ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) provides an update on the
acquisition of Enhanced Full Tensor Gravity ("eFTG") surveys and 2D
seismic acquisition recently conducted in Namibia.
Initial results from the first phase show a high quality eFTG
sub-surface image, with the rift bounding faults and other
structural features delineated. In addition, the intra-rift highs
and rift floors are well imaged. The image also puts into
perspective the three stratigraphic wells drilled to-date (see
insets in the figure 1 below). The overlaid seismic line shows a
high degree of correlation between the eFTG data and the seismic
interpretation. Further processing, modeling, inversion, and
integration with the second phase eFTG data should considerably
enhance the sub-surface imaging of the whole area, enabling
de-risking and greater precision in selecting locations for the
upcoming drilling program.
Fig.1: This is a 3D block diagram of GzHD (High Definition
Gravity), residual filtered grid of the gravity data. The hot
colours (white and red) show structural highs, cool colours (blue
and purple) show structural lows. Note the insets showing the three
stratigraphic wells drilled to date, and the strong correlation of
the 2D seismic line to the eFTG data.
eFTG (Enhanced Full Tensor Gravity) – Phase 1 & 2
Following the successful completion of the first phase of the
eFTG survey, the Company has once again contracted Metatek Group
Limited, a worldwide airborne geophysical survey specialist based
in the United Kingdom, to conduct
a second phase eFTG survey of 2814 Km2. The acquisition
of this second survey is now complete with preliminary results
expected by the end of the month. These surveys are in
ReconAfrica's 25,000 square kilometers (6.3 million acres) PEL 73
exploration license in north-eastern Namibia. The total eFTG survey area is ~5,000
km2. This additional survey extends contiguously to
phase one in the Kavango Rift Basin to the south-east and the
Damara Fold Belt to the south and south-west.
Fig 2: Hatched area shows the Phase 1 eFTG survey (2184
km2, 540,000 acres) and the solid red area is the Phase
2 program (2814 km2, 695,000 acres).
Shiraz Dhanani, ReconAfrica's Chief Geophysicist stated; "In the
absence of 3D seismic, lateral continuity and mapping of structures
is compromised because of the uncertainty in interpolation between
more widely spaced 2D seismic lines. eFTG enables us to overcome
this unpredictability. The images obtained so far, which are of
very high quality, show the basin fault patterns, extent and
continuity of intra-basin structural highs and feasible hydrocarbon
traps, and possible hydrocarbon source kitchens (source rock) in
the deepest parts of the basin."
2-D Seismic
The latest phase of the 2D seismic program has been completed.
In total, ReconAfrica has acquired 2,755 line kilometers of 2D
seismic. Generally, these programs have been designed to image the
Kavango Rift and the adjoining Damara Fold Belt, all within the PEL
73 area. Nearly 2,000 kilometers of seismic data has been processed
and interpreted, which will form an integral part of our upcoming
annual resource report.
With the advantage of this new data, the Company is focused on
interpreting and integrating all sub-surface data, including well
data, 2D seismic, eFTG, geochemical data, and building an updated
risk weighted prospect portfolio, enabling the development of a
systematic drilling program.
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 further processing, modeling, inversion,
and integration with the second phase eFTG data considerably
enhancing the sub-surface imaging of the whole area, enabling
de-risking and greater precision in selecting locations for the
upcoming drilling program, the Company focusing on interpreting and
integrating all sub-surface data and building an updated risk
weighted prospect portfolio, enabling the development of a
systematic drilling program, 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, 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.
Disclaimer:
NAMCOR (the state oil company of
Namibia) and its affiliates
assumes no responsibility or liability for any errors,
misinformation, inaccuracy or omissions in the contents of this
press release. NAMCOR's knowledge of the contents of the press
release is limited to reports and information provided to it by
ReconAfrica as operator of PEL 73 due to the JV partnership between
NAMCOR and ReconAfrica.
SOURCE Reconnaissance Energy Africa Ltd.