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.
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.
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