RECAF - RECONAFRICA ANNOUNCES AN OPERATIONS UPDATE JOINT VENTURE UPDATE AND TERMINATION OF FTB CAPITAL INC. CONTRACT | Benzinga
VANCOUVER, BC, May 23, 2024 /PRNewswire/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV:RECO) (OTCQX:RECAF) (Frankfurt: 0XD) announces an operations update with respect to activity relating to Petroleum Exploration Licence 73 ("PEL 73"), onshore northeast Namibia, an update on the joint venture process and the termination of the marketing agreement with FTB Capital Inc.
Brian Reinsborough, President and CEO commented: "Our operations teams and contractors are working diligently to ensure we remain on schedule for a June 2024 spud of the high potential Naingopo exploration well, the first exploration well in the Damara Fold Belt. Our drilling teams are now in Namibia with the Jarvie-1 drilling rig undergoing routine maintenance and certification ahead of its planned move to the well location in the first week of June 2024. Advanced planning work has also commenced for our second Damara Fold Belt exploration well, Prospect P. Excitement is building ahead of drilling as recent investor meetings in London and industry conferences have highlighted the significance of the Naingopo well given the large potential for oil and gas resources. With the completion of our recent financing, we are well positioned to execute our drilling plans going forward. And finally, we have progressed our joint venture process to the next level of negotiation, as we are in advanced discussions with potential joint venture partners and expect to conclude negotiations in the coming weeks."
Major civil works are wrapping up on the well site access roads and well pad construction. Members of the drilling crew have arrived in-country to undertake rig maintenance and certification activities which are ongoing ahead of the move of the Jarvie-1 rig to the Naingopo well (Prospect L), in the Damara Fold Belt. The drilling and operations teams, including all major third-party service providers, have completed a drilling on paper activity with all critical path processes reviewed and tested. All major equipment has been ordered and is either in country or in transit to Namibia. The well remains on schedule to begin drilling in June 2024 and is targeting 163 million barrels of unrisked prospective oil resources or 843 billion cubic feet of unrisked prospective natural gas resources based on the most recent prospective resources report prepared by Netherland, Sewell & Associates, Inc. ("NSAI") dated