VANCOUVER, BC, July 14, 2021 /CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) and its joint venture partner NAMCOR (the state oil company of Namibia) are pleased to announce they have successfully completed drilling operations of the second stratigraphic test well (6-1) in the Kavango basin of NE Namibia.
The 6-1 well is now being prepared for wireline logging. Multiple logging runs will be made and up to 50 sidewall cores taken, all designed to maximize hydrocarbon recovery.
After the logging and coring operations are completed, a vertical seismic profile tool ("VSP") will be run to total depth to tie into the 2D seismic program that will begin this month across the Kavango basin. The first stratigraphic test well, the 6-2, will also have a VSP run and the two wells will be tied together along the same seismic line. Later in the month casing will be run and cemented to isolate the prospective hydrocarbon bearing zones.
Grant of Stock Options
On July 14, 2021, the Company granted to a director and consultants of the Company options to purchase an aggregate of 800,000 common shares of the Company at a price of C$11.39 per share for a period of five years.
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 6-1 well being prepared for wireline logging and coring to maximize hydrocarbon recovery, the running of a VSP for both the 6-1 and 6-2 wells to tie them together along the same seismic line, the running and cementing of casing to isolate the prospective hydrocarbon bearing zone, 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.
For further information: Scot Evans CEO | Tel: +1-877-631-1160; Grayson Andersen Manager, IR | Tel: +1-877-631-1160; Email: [email protected]; IR Inquiries Email: [email protected]; Media Inquiries Email: [email protected]