VANCOUVER, BC, July 7, 2021 /CNW/ - Reconnaissance Energy Africa
Ltd. (the "Company"
or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF)
(Frankfurt: 0XD) is pleased to
announce that the Republic of Namibia's Ministry of Environment, Forestry
and Tourism has issued on Friday July 2,
2021 the Environmental Clearance Certificate ("ECC") for the
initial 2D seismic program to be conducted in the Petroleum
Exploration License No. 73 in the Kavango East and West regions of
NE Namibia.
Seismic Operations
With the ECC (seismic permit) now in place, ReconAfrica and
NAMCOR (the National oil company of Namibia) have begun acquisition of the initial
450 km 2D seismic program in the Kavango basin. Acquisition
is expected to commence during the third week of July for an
anticipated duration of 6-8 weeks.
The program provider is Polaris Natural Resources Inc.
("Polaris"), Canada's longest
standing geophysical contractor, which was selected through a
competitive bidding process. Polaris offers its own patented
seismic source the Explorer 860 Accelerated Weight Drop.
All three Explorer 860 source units have arrived at Polaris's
newly established base in Rundu, Namibia. Polaris anticipates hiring
approximately 100 local personnel with line crew training starting
July 6th. This low impact seismic
program will be conducted along existing roadways during daylight
hours to minimize wildlife disturbance.
Scot Evans, ReconAfrica CEO said,
"Now that the first two wells have successfully established an
active conventional petroleum system in the Kavango basin, we are
moving to the next phase of the exploration process; acquisition,
processing, and interpretation of the first regional seismic grid
in this newly identified sedimentary basin. The program will
provide the regional geologic structural and stratigraphic
framework and identify conventional hydrocarbon accumulations, with
the goal of commercializing this potential major source of energy
for Namibia."
Polaris COO, Joe Little stated,
"The acquisition plan is progressing very well for a successful
recording launch in mid July. Given our past success with the
environmentally friendly Explorer 860 source units on past projects
in Africa and given the very high
resolution parameters designed by ReconAfrica's seismic team, we
anticipate getting excellent data results on the project."
Drilling Operations
ReconAfrica is currently drilling ahead on the 6-1 well,
anticipating reaching total depth on or before July 11th. Immediately after reaching total
depth, ReconAfrica will commence logging and coring operations
designed to maximize hydrocarbon recovery. These operations will be
conducted using Schlumberger technology.
About ReconAfrica
ReconAfrica is a 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
licences 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.
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
interpretation of data and models relating to the Company's assets,
including Earthfield's analysis of aeromagnetic survey data,
statements with respect to the Kavango Basin being geologically
separate from the Owambo Basin, the Company's proposed exploration,
drilling and exploration activities and timelines, the Company's
exploration strategy, when the Company anticipates reaching total
depth on the 6-1 well, the data from the 6-1 and 6-2 wells
providing clear evidence of a working conventional petroleum system
in the Kavango Basin and that there is commercial potential in the
Kavango Basin, the interpretation and analysis of data, results and
samples from the 6-1 and 6-2 wells, the hydrocarbon potential of
the Kavango Basin, including statements with respect to ReconAfrica
having the technical and financial capabilities to unlock the
discovery of commercially viable hydrocarbon reserves, the geology
of the Kavango Basin region, the size, characteristics and features
of the Company's oil and gas properties, the timing, duration and
location of, and the receipt of final permitting for, the Company's
450km 2D seismic program, the costs of the Company's seismic
program, the anticipated results of the Company's seismic program,
the Company seeking Ministry approvals for the drilling of
additional wells in the Namibian portion of the Kavango Basin and
the acquisition of addition seismic data, the timing for the
commencement of such additional drilling and seismic activities,
including the timing for the receipt of approvals and
permitting/licensing related thereto, the Company's current cash
reserves being sufficient to conduct an initial evaluation of all
five sub-basins in the Kavango Basin, the extension of the First
Renewal Period to the end of January
2023 and the Botswana
portion of the exploration licence to 2034, exploration of the
Namibian portion of the Basin continuing until the end of
January 2026, there being sufficient
time for the Company to fully evaluate the Kavango Basin prior to
making production licence applications for the declaration of any
petroleum fields, the Company having access to additional funds
through capital markets and joint venture optionality, and the
Company's commitment to minimal disturbances in line with
international best standards and its implementation of
environmental and social best practices in all of its project
areas. 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 amended and restated annual
information form dated May 19, 2021
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.
SOURCE Reconnaissance Energy Africa Ltd.