ReconAfrica’s Naingopo reaches total depth

Reconnaissance Energy Africa Ltd. (ReconAfrica) has successfully reached a total depth (TD) of 4 184 metres on the Naingopo exploration well located on Petroleum Exploration Licence 073 (PEL 73) in the Kavango Basin. “We are excited to have completed the drilling operations on the Naingopo exploration well, drilling beyond our original projected TD of 3 800 metres. The Naingopo well is the first of several to test the potential resource of the Damara Fold Belt,” said ReconAfrica president and CEO Brian Reinsborough.The Naingopo well, part of ReconAfrica’s broader exploration strategy, is expected to provide valuable data on the hydrocarbon potential of the Damara Fold Belt. The company now plans to begin an extensive evaluation programme, including wireline logging, coring, Modular Formation Dynamics Tester (MDT) sampling, and testing for any hydrocarbons present. A Vertical Seismic Profile (VSP) will also be conducted.“Our technical team will then assess all data to determine the results, which will assist us in finalising further plans in the Damara Fold Belt,” Reinsborough said.Next phaseAs part of the next phase, ReconAfrica will carry out a comprehensive logging and coring programme, followed by the VSP. Afterward, the well will be cased and cemented, with the results expected after a thorough analysis of the subsurface data and any hydrocarbons that may have been sampled. The company anticipates receiving preliminary results in the coming weeks.In the interim, ReconAfrica will conduct repair and maintenance activities on its Jarvie-1 drilling rig throughout December 2024. Once the analysis of the current operations is complete, the company plans to move to the Kambundu (Prospect P) well location, which has its own high expectations for oil and gas resources.Significant resourcesThe Naingopo well is targeting significant resources, including 181 million barrels of unrisked prospective light/medium oil or 937 billion cubic feet of unrisked prospective natural gas. The risked prospective resources are estimated at 15 million barrels of oil or 65 billion cubic feet of natural gas, based on the most recent resources report by Netherland, Sewell & Associates, Inc. (NSAI).Looking ahead, the Kambundu well is targeting even larger resources, with estimates of 309 million barrels of unrisked light/medium oil or 1.6 trillion cubic feet of natural gas, and 15 million barrels of risked oil or 64 billion cubic feet of risked natural gas, according to NSAI.InvestmentIn a strategic move, ReconAfrica in the past quarter also announced it has entered into a definitive agreement with BW Energy Limited for a 20% working interest in PEL 073. The agreement includes a US$16 million equity investment to support a multi-well exploration programme, as well as contingent payments of up to US$125 million based on the achievement of certain development, production and cash flow milestones.

ReconAfrica’s Naingopo reaches total depth

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