ReconAfrica is on track to begin drilling the Naingopo Well (Prospect L) in Namibia’s Damara Fold Belt this June, according to company CEO Brian Reinsborough.
Significant progress has been made on constructing the well site and access roads, with these activities close to being finalized.
“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,” said Reinsborough.
He explained that the drilling program has been planned, with all critical path processes reviewed and tested in collaboration with third-party service providers. All essential equipment has either been delivered to Namibia or is in transit.
“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.,” he added.
Reinsborough also provided an update on Prospect P, the second well planned for the Damara Fold Belt. Advanced planning for this prospect is underway, with initial clearing and demining activities expected to commence shortly, paving the way for civil works.
“The well is expected to spud in the fourth quarter of 2024, soon after the drilling of the Naingopo exploration well, and is targeting 278 million barrels of unrisked prospective oil resources or 1.5 trillion cubic feet of unrisked prospective natural gas resources, based on the NSAI Report,” he said.
Reinsborough also mentioned that the company is in detailed contract negotiations with potential partners to secure terms for a multi-well exploration program encompassing both the Damara Fold Belt and the Rift Basin plays over the next 12 to 24 months. These discussions are anticipated to conclude in the coming weeks. “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,” he said.
