Reconnaissance Energy Africa Ltd.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
Suite 1250 – 635 8th Avenue SW Calgary, Alberta Canada T2P 3M3 |
| Tel No.： | 1-877-631-1160 |
| Web Site： | www.reconafrica.com |
| E-mail： | investors@reconafrica.com |
| Contact Person： | Grayson Andersen |
| Position： | VP Investor Relations |
| Traded Market： | TSXV | OTCQX | Frankfurt | NSE |
| Traded Symbol： | RECO | RECAF | 0XD | REC |
| Outstanding Shares： | approx. 265.32 million |
| 52 Week High： | $ 1.87 |
| 52 Week Low： | $ 0.76 |
| Present Price： | Click Here |
Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum licenses comprising ~8.1 million contiguous acres.
ReconAfrica works with national and regional governments, Traditional Authorities and their communities amongst other stakeholders to explore the oil and gas potential of Petroleum Exploration Licence 073 (PEL 073) in northeast Namibia and Petroleum Exploration Licence 001 (PEL 001) in northwest Botswana.
In all aspects of its operations ReconAfrica is committed to minimal disturbance of habitat in line with international standards and will implement environmental and social best practices in all of its project areas.
In 2024, two Damara Fold Belt drilling locations will target large anticlinal structures with the purpose of achieving commercial levels of oil and natural gas production.
ReconAfrica (70% working interest) along with BW Energy Limited (20% working interest) and NAMCOR (10% carried working interest), are working together on the 2024 drilling program and other exploration activities.
Near Term Catalysts and Timeline for Drilling Activity
- The first exploration well, Naingopo, was spud in early July 2024. Kambundu is expected to spud following the completion of the Naingopo exploration well.
- Received Environmental Clearance Certificate “ECC” to drill up to 12 wells to July 2026
- ReconAfrica owns a 1,000 horsepower conventional drilling rig, the Jarvie-1
- Rig ownership reduces drilling costs by up to 50% and provides control on schedule
- Experienced drilling crew operate the well, working with world class third party service providers
- Rated to drill up to ~13,000 vertical feet
The right rig for Damara Fold Belt and Rift Basin wells. The rig is mobile, suitable for desert conditions and designed for drilling into conventional formations.
Exploration Activities
The Naingopo well is targeting 181 million barrels of unrisked prospective light/medium oil resources(1) or 937 billion cubic feet of prospective natural gas resources(1), on a 100% working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates, Inc. (“NSAI”). The well is targeting to drill to a depth of approximately 3,800 metres or 12,500 feet and is expected to encounter five primary Otavi reservoir intervals targeting both oil and natural gas. If successful, the well would be a major play opening discovery providing access to multiple drill ready prospects.
Elsewhere on PEL 73, the Company continues to make progress in the construction of the access road and the construction of the well pad for the second Damara Fold Belt exploration well, Kambundu (Prospect P), which is expected to start drilling in late November or early December 2024. Kambundu (Prospect P) is targeting 309 million barrels of unrisked prospective light/medium oil resources(1) or 1.6 trillion cubic feet of prospective natural gas resources(1), on a 100% working interest basis, based on the most recent prospective resources report prepared by NSAI.
(1) There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resources are those quantities of oil or gas estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are the arithmetic sum of multiple probability distributions. Unrisked prospective resources are estimates of the volumes that could reasonably be expected to be recovered in the event of the discovery and development of these prospects.
ReconAfrica recently received the Environmental Clearance Certificate (“ECC”) for the undertaking of a 3D seismic survey operation on PEL 73. This program is expected to be acquired in the first quarter of 2025, targeting the prospective Kavango Rift Basin play.
(See news release dated October 3, 2024)
Investment Highlights
Experienced Management Team
- Seasoned exploration team with track record of finding Oil and Gas
- Experience in Rift Basin and Fold Belt exploration
Near Term Catalysts
- Naingopo Exploration Well Drilling
Attractive Risk Profile
- Proven petroleum systems with oil in stratigraphic wells and gas seeps
- Multi-play, multi-well exploration portfolio
Risk Mitigation
- Portfolio approach reduces single well failure and increases chance of success through multiple drilling opportunities
Damara Liquid Potential
- NSAI Damara Report highlights significant oil potential in the Damara Fold Belt
Pure Play Namibia Energy
- ReconAfrica represents pure play, public investment exposure to Namibia's energy sector
Executive Leadership Team, Directors and Advisors
Brian Reinsborough, President and Chief Executive Officer
Deepwater Industry thought leader, with over 35 years of experience including 20 years in deepwater Gulf of Mexico with a successful track record of building DW companies; made over 18 discoveries in his career including 2 significant discoveries.
Chairman and CEO Venari Resources; President and CEO of Nexen USA.
Discovered over 2.5 billion of barrels of oil in his career and raised over $2.5 billion of equity over course of career.
Chris Sembritzky, Senior Vice President of Exploration
An experienced geologist with a track record of international exploration, appraisal and development programs with significant business development experience.
Over a 20-year career at Anadarko he worked in over forty countries.
Former Vice President of International Exploration, Business Development and New Ventures.
Adam Rubin, General Counsel
Over 25 years of legal, commercial, strategic and executive experience in the oil and gas industry. He has provided insight and advice to public CEOs, Board Chairs and executive management teams.
Gitane De Silva, Senior Vice President of ESG, Communications & Stakeholder Relations
A respected public policy and regulatory leader with over 20 years' executive experience at the provincial, national and international levels.
Deep expertise in the areas of energy, environment, trade and infrastructure.
Former CEO of the Canada Energy Regulator, A former diplomat and Deputy Minister of International and Intergovernmental Relations for the Province of Alberta.
Nick Steinsberger, Senior Vice President of Operations
35 years of Petroleum Engineering experience in Drilling and Completions.
Drilled and completed over 1,200 vertical and horizontal wells throughout North America and worked in most shale basins active today.
Carlos Escribano, Chief Financial Officer
Over 15 years of experience serving the resource industry as CFO for several publicly traded multi-national corporations.
Hon. Diana Mcqueen, Chair
Has energy and environmental public policy experience from regional, provincial and international levels.
Currently serves as a director of MEG Energy
Dr. Joseph R. Davis, Director
40 years of experience as an oil and gas geologist focused on reserve estimation and understanding exploration risk.
D. Jeffrey Harder, FCPA, FCA, FCBV, ICD.D., Director
More than 40 years' experience as a financial professional with a focus on the energy and mining sectors.
Iman Hill, Director
A Petroleum Engineer with over 30 years' experience in the oil and gas industry with extensive global expertise in the technical and commercial aspects of the petroleum business.
Jim Ohlms, Senior Commercial Advisor
Highly experienced professional with strong petroleum engineering foundation and over 30 years of experience
Rodney Kirkland, Senior Geoscience Advisor
Geoscientist with over 25 years' experience in petroleum systems, prospect generation, and drilling operations
November 5, 2024, ReconAfrica Announces Listing on the Namibian Stock Exchange, Botswana Licence Renewal and an Operational Update
Brian Reinsborough, President and CEO of the Company stated: “We are excited to be the first publicly traded oil and gas company listed on the NSX. ReconAfrica has the largest acreage position of any publicly traded pure play oil and gas exploration company operating onshore Namibia. We have also extended our licence in Botswana under favourable terms. Most importantly, we are now drilling ahead on Naingopo with operations back to normal and pre-drill preparations continue for the Kambundu well.”
October 3, 2024, ReconAfrica announces an operations update with respect to activities on Petroleum Exploration Licence 073 (“PEL 73”), onshore Namibia and the appointment of Gitane De Silva as Senior Vice President ESG, Communications & Stakeholder Relations.
August 29, 2024, ReconAfrica Announces an Operations Update, Filing of Quarterly Financial Reports and First Sustainability Report