Republic of Botswana and ReconAfrica Amend Exploration License to Exclude Entire Tsodilo Hills Area
Jan 5, 2021
Wood MacKenzie Study of the Kavango Basin Now Available
January 5, 2021 - Vancouver, BC – Reconnaissance Energy Africa, Ltd. (the “Company” or “ReconAfrica”) (TSX-V: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) is pleased to provide the following updates:
Exploration License 001/2020
ReconAfrica recognizes and accepts the importance of pertinent cultural and historical sites. As such the Tsodilo Hills, located in north-west Botswana near the Namibian Border, an UNESCO World Heritage Site, has always been recognized by our Company, as a site with this specific, highly important, designation.
To this regard, ReconAfrica and the Government of Botswana began a process in October of 2020 to address this important issue. As a direct result of our collaborative process, the Republic of Botswana has now issued an updated License to ReconAfrica excluding ReconAfrica’s entire Core and Buffer areas of the Tsodilo Hills. The License area is now 8990 km2 (2,221,000 acres) versus the previous 9,921 km2 (2,450,000 acres). ReconAfrica is pleased with this preferred structure as our Company has never had plans for operations in the Tsodlido Hills area. ReconAfrica follows strict environment, social and governance protocols.
ReconAfrica is committed to establishing operational transparency and working with all local and national stakeholders. 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.
Wood Mackenzie Report on Kavango Basin
Wood Mackenzie, one of the world’s leading natural resources research and consulting firms has released a report on analogous subsurface basins to the Kavango Basin, which is held by ReconAfrica under licence contracts. The study detailed three world-class basins of similar age and/or tectonic origin; the Midland-Permian Basin (Texas), the Southern North Sea Basin, and the Doba Basin in Chad (Africa). The report demonstrates how the Kavango Basin is analogous to all three, but particularly to the sizable Midland Basin. This basin is of the same age (Permian) as the Kavango and has produced from low-cost conventional reservoirs since the 1930’s, the same targets ReconAfrica is pursuing.
The Report is now available for download from the ReconAfrica website.
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 8.5 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.
For further information contact:
Email: admin@reconafrica.com
Cautionary Statements: Certain statements contained in this press release constitute forward-looking information. 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. 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.