RECONAFRICA'S EXPLORATION EFFORTS OFF THE COAST OF NAMIBIA CONFIRM WIDER AFRICAN OIL AND GAS DEVELOPMENT PLANS.

Source: Word Oil

Since 2020, ReconAfrica has drilled several test wells that have provided valuable data on the potential of the Kavango Basin. Its latest well, Naingopo-1, is expected to reach a total depth of around 3,800 m in 90 days and will be instrumental in establishing the prospectivity of the basin.

ReconAfrica and NAMCOR have identified five potential conventional reservoir zones in their initial wells in the Kavango Basin, with over 650 ft of net confirmed pay. These wells have shown substantial hydrocarbon presence, suggesting the potential for significant discoveries in the region. The Company has also completed approximately 30% of a 450 km seismic reservoir acquisition program, which is on schedule and is expected to guide future drilling locations.

Countries such as Angola (which will launch a frontier exploration licensing round in early 2025) offer underexplored prospects, coupled with established production infrastructure. Angola’s onshore exploration potential includes the Lower Congo and Kwanza basins, which have shown promising geological structures similar to those found in offshore fields, making them attractive for further exploration and development.

Similarly, countries such as Mozambique, Uganda and Tanzania are opening up new exploration frontiers, presenting attractive exploitation opportunities for independents such as ReconAfrica. Oil reserves in the Ugandan part of the Lake Albert Basin, particularly in the Albertine Trench, are estimated to be around 6.5 billion barrels, indicating promising prospects in the onshore region.

ReconAfrica’s exploration efforts in the Kavango Basin reaffirm its commitment to discover and develop new energy resources in Africa’s frontier markets, with a particular focus on untapped onshore potential to unlock significant oil and gas resources. The company’s efforts also align with broader initiatives to enhance regional energy security and stimulate economic growth through sustainable resource development, said NJ Ayuk, Executive Chairman of the African Energy Chamber.