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Reconnaissance Energy Africa (RECAF) has provided an update on its operations and joint venture activities related to Petroleum Exploration Licence 73 in northeast Namibia.
The maintenance of the Jarvie-1 drilling rig is complete, and it is relocating to the Naingopo location, targeting a spud by month-end. The well aims to explore multiple reservoir intervals in the Damara Fold Belt, with drilling expected to take 90 days.
The company has mapped additional four prospects and 20 leads in the area. The joint venture process is nearing completion, anticipated before the drilling starts.
The Naingopo well targets 163 million barrels of unrisked prospective oil resources or 843 billion cubic feet of unrisked prospective natural gas resources as per the NSAI Report dated March 12, 2024.
On June 6, 2024, Reconnaissance Energy Africa (ReconAfrica) announced changes to its Board of Directors. Craig Steinke, the founder of ReconAfrica, retired as Chairman and Director, effective immediately. He is succeeded by Diana McQueen, Senior Vice President of Stakeholder Relations & Communications, who has been appointed as the new Chair. Additionally, D. Jeffrey Harder has joined as an independent director and Chair of the Audit Committee.
Mr. Steinke played a important role in the company's development, including key acquisitions and social initiatives in Namibia and Botswana. Ms. McQueen brings extensive governance experience from her tenure in various ministerial roles in Alberta, Canada. Mr. Harder brings over 40 years of financial expertise, having held strategic governance roles at Deloitte LLP. The new appointments aim to strengthen ReconAfrica's governance structure and support its upcoming multi-well drilling campaign.
Reconnaissance Energy Africa (ReconAfrica) has issued an update on their operations, joint venture process, and the termination of their contract with FTB Capital. The company is preparing for the June 2024 drilling of the Naingopo exploration well in Namibia's Damara Fold Belt, targeting significant oil and gas resources. Advanced planning is also underway for a second well, Prospect P. ReconAfrica has progressed in negotiations with potential joint venture partners and expects to finalize agreements soon. Additionally, the company terminated its marketing agreement with FTB Capital on May 10, 2024.
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