Drilling Operations
As announced on January 11, 2021, the Company commenced drilling operations on
the first well (6-2), of an initial three well program to evaluate potential
hydrocarbon systems in one of five major sub-basins of the larger, more
laterally extensive, deep Kavango basin.
Having set and cemented 17 ½” surface casing mid-January, ReconAfrica has
reached the intermediate casing point, set 12 ¼” casing and has
completed the cementing operation. The cementing operation is a key element of
all oil well drilling and has been completed in accordance with international
standards and best practices.
Over the interval drilled thus far, ReconAfrica has been continuously sampling
and testing cuttings, successfully run a full suite of wireline logs, and taken
thirty-four sidewall cores. ReconAfrica is using industry leaders to
provide analysis of this critical well, with Schlumberger providing wireline
logging services (as per 1/11/21 press release), Netherland Sewell and
Associates (Dallas, Texas) performing well log analysis, and Geomark Research
(Houston, Texas) evaluating petroleum geochemistry.
With the completion of the intermediate casing operation, the Company will
recommence drilling to the planned depth of 12,500′, with the objective of
reaching total depth (TD) before the end of March. The data collection and
analysis described above will continue to TD, with the addition of taking whole
cores over key intervals.
In keeping with the Company’s policy of implementing environmental best
practices, ReconAfrica’s drilling fluids are water based, organic &
biodegradable, which are fully environmentally safe, for many aspects,
including topsoil enhancement and development.
“I am very pleased with the successful drilling operations the ReconAfrica
team has completed to date. We are adhering to the highest standards of
Health, Safety and Environmental best practices and are on program in all
phases of operations,” Nick Steinsberger, Senior Vice President of
Drilling and Completions, stated.
Community
As part of ReconAfrica’s ongoing Community Initiatives, The companyis
finalizing approvals for three more community water wells specifically tying
into Namibia’s national rural water management plan. These wells provide access
to potable water, and highly welcomed by regional leaders, traditional
authorities, and community members.
TSX Venture 50
The Company also disclosed that it has qualified for the 2021 TSX Venture 50, a
ranking of the top performers on the TSX Venture Exchange over the last year. ReconAfrica was appointed as the top
performing company in the energy sector.
The 2021 TSX Venture 50 is an annual program showcasing the top 10 performers
from 5 industry sectors: Clean Technology and Life Sciences, Diversified
Industries, Energy, Mining, and Technology. Top performing companies were
selected based on year-over-year performance across 3 equally weighted
criteria: market capitalization growth, share price appreciation and trading
volume for the year ended December 31, 2020.
“Considering the many challenges of 2020, it is an honour to be selected
as one of the top 50 of over 1500 companies listed on the TSX Venture Exchange
and specifically the distinction of the TSX Venture Exchange top performing Energy
Company. On behalf of ReconAfrica shareholders, I would like to thank our
extended team in Canada, USA and Namibia, as this is really their award and we
appreciate their past effort and ongoing support,” Scot Evans, CEO, stated.
A brief video on ReconAfrica, produced by the TMX Group, can be found at ReconAfrica
TMX V50 Video
ReconAfrica is a junior, 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 licenses 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.
