ReconAfrica provides drilling update on Prospect I
ReconAfrica announced a drilling update on Prospect I, located onshore Namibia in Petroleum Exploration License 073. It is the company’s largest prospect to be drilled so far.
It is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or 1.9 trillion cu ft of unrisked and 140 billion cu ft of risked prospective natural gas resources, on a 100% working interest basis, based on the most recent prospective resources report prepared by an independent qualified reserves evaluator.
Pre-construction activities are continuing on schedule and the pre-drill evaluation is complete. The company is targeting a drilling depth of 3,800 m with the potential to drill deeper, as they did for the Naingopo exploration well. The thickness of the Otavi section is expected to be approximately 1,500-1,800 m depending on how deep they are able to drill.
The learnings from the Naingopo exploration well have improved understanding of the Damara Fold Belt with respect to the geologic model, including time and depth migration for the Mulden and Otavi sections. This is the same reservoir where ReconAfrica encountered over 50 m of reservoir quality carbonates and encountered oil shows in the Naingopo well.
