VANCOUVER, BC, Dec. 22, 2022 /CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) provides an operational update including the planned acquisition of the first Enhanced Full Tensor Gravity ("eFTG") survey conducted in Namibia.
On June 28, 2022, ReconAfrica engaged a leading airborne geophysical survey provider to conduct an eFTG survey over an area of nearly 2,200 square kilometers (540,000 acres) in ReconAfrica's 25,000 square kilometers (6.3 million acres) PEL073 exploration license in north-eastern Namibia. The eFTG is the advanced high resolution airborne gravity survey which specifically allows earth scientists to identify changes in sub-surface rock density with the goal of highlighting stratigraphic or structurally controlled hydrocarbon traps. More specifically, this relatively new technology is a sophisticated application of gravity techniques that not only adds three-dimensional detail to subsurface gravity images but is also capable of differentiating the geometry at different litho-stratigraphic levels (layers of rock) below the Earth's surface.
After recently making significant progress in scheduling and permitting of acquisition of this data, the Company is advised that it will be completed by late-January 2023. Our initial interpretation will follow shortly thereafter.
When calibrated by existing 2D seismic data, the eFTG imaging greatly enhances ReconAfrica's capacity to extrapolate structural geometry in three dimensions. As a result of the excellent performance of our geophysical acquisition team and lead contractor, Polaris Natural Resource Development, we are ahead of schedule on the Phase 2 extension 2D seismic program and are currently acquiring several additional important seismic lines, of which 2 have already been acquired over the Wisdom Farm 5-1 prospect, with results due in the latter part of January 2023.
Given the potentially significant near-term impact that the above geophysical data can provide on risk mitigation and well path optimization for the upcoming Wisdom Farm 5-1 test well, the Company will delay the target commencement date for drilling of this well until late February 2023. The Wisdom Farm prospect area has multiple target horizons over an extensive area in the rift graben (valley) where faulting provides for numerous potential traps, potentially requiring several wellbores for full evaluation. With the goal of maximizing the chance of success for this initial well, the Company believes it is prudent to use all available and expected data, including the aforementioned 2D seismic and eFTG, in setting the trajectory of this first wellbore.
The drilling rig (Jarvie-1) is currently on the 5-1 location with all drilling permits in place.
The eFTG survey will be carried out using a Twin engine survey aircraft which has been specially fitted with the eFTG instrumentation. This instrument is a state-of-the-art 4th generation gravity gradiometer designed and manufactured by Lockheed Martin, an American aerospace company, and represents a significant enhancement in sensitivity and resolution compared to its nearest rival. In addition, the aircraft will collect complimentary data including magnetic, topographic (LiDAR), and video data. Survey lines will be flown every 600m in a north-west/south-east direction, and tie lines will be spaced every 3km in a north-east/south-west direction. This airborne exploration approach has a low environmental footprint with minimal impact on the local communities.
Shiraz Dhanani, ReconAfrica's chief geophysicist stated; "eFTG is a relatively new technology and preliminary modelling of the area together with its recent successes in East and West African rift basins, gives us high confidence that the eFTG technology will help delineate the Kavango Basin and its associated hydrocarbon prospects."
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 disturbance of habitat in line with best international 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 Company's engaging a survey provided to perform an enhanced full tensor gravity survey, including the expected timing for the receipt of permits necessary in connection with conducting such survey, the expected timing for the completion of, and the interpretation of results from, such survey, the uses, objectives and expected results of such survey, the size of such survey and the equipment to be used to perform such survey, the Company Phase 2 extension of its 2D seismic acquisition program, including the expected timing for completion, and the interpretation of results from, such program, the expected timing for the commencement of drilling of the Wisdom Farm 5-1 test well, the potential geological structures that may be encountered by such test well, including traps, the number of wellbores to be drilled from such test well, the potential success of such test well and the Company's commitment to minimal disturbance of habitat, in line with best international 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.
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