ReconAfrica has brought forward its drilling schedule for Prospect I, its largest onshore exploration target in Namibia, with drilling now expected to begin in late June.
The decision follows encouraging results from the nearby Naingopo prospect and continued progress on permitting and site preparation.
Brian Reinsborough, President and Chief Executive Officer, said the company remains optimistic as preparations for Prospect I continue on track.
“Permitting for road and pad construction is progressing, and we expect the rig to be mobilised in late June, with spudding to follow shortly thereafter. Any changes to the spud date will be logistical rather than technical. Our confidence in the prospectivity of this target remains strong and unchanged from earlier updates,” he said.
Prospect I, located in Petroleum Exploration Licence 073 (PEL 73), will be the company’s largest exploration well to date.
“Selecting Prospect I as the next drillable target was heavily influenced by the results from Naingopo, which confirmed the presence of a carbonate reservoir, showed signs of oil from the Damara Fold Belt, and recovered oil at surface in the drilling mud,” Reinsborough added.
The company has undertaken extensive stakeholder and community engagement and has addressed local concerns.
Reinsborough noted that ReconAfrica is finalising its permitting requirements and securing all necessary regulatory approvals.
“Pre-construction activities are currently underway, including de-brushing, de-mining, development of access roads, and drill site preparation. ReconAfrica remains committed to working collaboratively with local communities, governments and regulators,” he said.
Prospect I is targeting an estimated 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or 1.7 trillion cubic feet of unrisked and 126 billion cubic feet of risked prospective natural gas resources.
ReconAfrica, a Canadian oil and gas exploration company, operates in the Damara Fold Belt and the Kavango Rift Basin in the Kalahari Desert, covering parts of northeastern Namibia and northwestern Botswana. The company holds petroleum licences over approximately eight million contiguous acres.
