An independent qualified reserves evaluator says ReconAfrica’s gross unrisked prospective oil in place in identified prospects at its Kavango asset is 15.4 billion barrels.
The Netherlands, Sewell & Associates, Inc., also says the gross unrisked prospective oil resources in identified prospects is 3.1 billion barrels.
The company’s Prospective Resource Report, dated March 12, 2024, focused on ReconAfrica’s Damara Fold and Thrust Belt Area within the company’s PEL 73.
The report says the integration of all subsurface data and new geochemical analyses in the Damara Fold Belt has increased oil potential.
Additionally, the report reflects estimates of prospective resources from 19 identified prospects that are viable drilling targets.
ReconAfrica has a 90% interest in the PEL, with Namcor holding the other 10%.
Brian Reinsborough, ReconAfrica president and CEO, said that an analysis of core samples from all three previously drilled wells revealed the presence of liquid hydrocarbons, confirming the presence of a working petroleum system.
Reinsborough also said he assembled an experienced team led by Chris Sembritzky, senior vice president of exploration, when he assumed office in August 2023.
“The team has also undertaken a comprehensive study of all other sources of geochemical data and conducted additional basin modelling, which collectively indicates that the Damara Fold Belt holds potential for large natural gas and oil accumulations,” he said.
Reinsborough added that the technical teams are using all this recent information to help prioritise and sequence the upcoming drilling program, which is planned for June with the drilling of Prospect L.
Sembritzky said the scale of the Damara Fold Belt play was a pivotal factor that drew him to ReconAfrica.
He said his team thoroughly reviewed extensive data over the past several months, which increased their excitement for the planned upcoming drilling campaign in both the Damara Fold Belt and Rift plays.
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