ReconAfrica Announces Spudding of the Second Well
May 5, 2021
May 5, 2021 – Vancouver, BC – Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSX-V: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) is pleased to announce spudding the second well (6-1) in the Kavango Basin in the Kalahari Desert of North East Namibia.
Operations
With the first string of casing set and cemented in the 6-1 well, the Company owned and operated 1000 HP rig (Jarvie-1) is drilling ahead to a target depth of 3,800 meters (12,500 feet). The 6-1 well is designed to evaluate the petroleum systems discovered in the first well (6-2) in an area of maximum thickness. These first two wells are within one of five major sub-basins of the larger, more laterally extensive, Permian aged deep Kavango basin.
The Company will take whole core, side-wall core and conduct a full logging suite of all zones of interest (conventional targets and source rocks). As with the 6-2, a comprehensive state of the art logging program over both sections will be provided by Schlumberger. In addition, a Vertical Seismic Profile (VSP) will be run to enable the most accurate tie-in possible, of well data, to the 2D seismic program scheduled to commence in June, 2021.
Technology
In keeping with the Company’s policy of implementing environmental best practices, ReconAfrica is using the most advanced drilling fluid available to protect the environment – a water-based system. This Polyamine system, provided by Valence Drilling Fluids, uses freshwater as the base fluid. The plant-based products added to the base fluid are created through an organic process and are biodegradable. Not only is this water-based drilling fluid 100 percent safe to the environment, it provides ideal samples (cuttings and core) to be utilized to determine a range of petroleum properties and locations for future exploration and production wells.
Community and Government Relations
The Minister of Agriculture, Water and Land Reform has assigned a high-level team within his ministry, to which ReconAfrica will keep updated on the project. The committee represents the water resource management, water supply and sanitation, communal land management and agricultural projects departments, within the ministry. ReconAfrica is committed to the adherence of the laws, rules and regulations of Namibia.
ReconAfrica places strong emphasis on hiring locally and nationally whenever possible. To date, ReconAfrica has employed more than 200 Namibian residents in such roles as: electricians; rig floor-hands; project managers; material technical specialists (construction, environment, wildlife surveying, water and hydrology); health, safety and environmental experts; administrative assistants; garden site workers; and general laborers. The local and national employment numbers will increase as the Company moves forward with its conventional drilling and seismic programs. Additionally, ReconAfrica is working with Namibian educational institutions to enhance training programs directly related to energy.
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.
For further information contact:
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 logging program, the 2D seismic program scheduled to commence in June 2021, the increase in local and national employment numbers as the Company moves forward with conventional drilling and seismic programs and working with Namibian educational institutions to enhance training programs directly related to energy. 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.