ReconAfrica and NAMCOR Drill Groundbreaking Exploration Well in Namibia’s Onshore Kavango Basin ReconAfrica, a Canadian oil and gas company, and the Namibian Petroleum Corporation (NAMCOR) have commenced drilling of a groundbreaking exploration well in Namibia’s onshore Kavango Basin. The well, known as 6-2, is located approximately 150 kilometers northeast of the town of Rundu. This drilling campaign marks a significant milestone in the exploration of the Kavango Basin, which has the potential to hold substantial oil and gas reserves. The 6-2 well is designed to test a large stratigraphic and structural trap that has been identified through extensive seismic and geological studies. The drilling operations are being conducted by Schlumberger, a global oilfield services company. The well is expected to reach a total depth of around 4,500 meters and will take approximately 60 days to complete. “This is a historic moment for ReconAfrica and for Namibia,” said Scot Evans, ReconAfrica’s President and CEO. “We believe that the Kavango Basin has the potential to be a major oil and gas province, and the drilling of the 6-2 well is a critical step in unlocking its potential.” “NAMCOR is proud to partner with ReconAfrica on this exciting exploration venture,” said Immanuwela David, Managing Director of NAMCOR. “We believe that the development of the Kavango Basin has the potential to transform Namibia’s economy and improve the lives of all Namibians.” The drilling of the 6-2 well is being closely monitored by the Namibian government, which has granted ReconAfrica and NAMCOR a production license for the Kavango Basin. The government is hopeful that the discovery of oil and gas in the basin will attract further investment and stimulate economic growth in the country. The results of the drilling campaign are expected to be announced in the fourth quarter of 2023. If the well is successful, it could lead to the development of a major oil and gas industry in Namibia, creating jobs and boosting the country’s economic outlook.ReconAfrica and NAMCOR Commence Drilling in Namibia’s Damara Fold BeltReconAfrica and NAMCOR Commence Drilling in Namibia’s Damara Fold Belt ReconAfrica and the National Petroleum Corporation of Namibia (NAMCOR) have begun drilling the Naingopo exploration well within the Damara Fold Belt in Namibia. The well, expected to reach a depth of 3,800 meters, targets potential oil and natural gas reserves. Significance for Namibia The Naingopo well is the first to explore the Damara Fold Belt. A potential discovery of 163 million barrels of oil or 843 billion cubic feet of natural gas would significantly enhance Namibia’s onshore oil and gas resources. It could also attract investment in the upstream sector. ReconAfrica’s Exploration Plans After Naingopo, ReconAfrica aims to drill a second well in the Damara Fold Belt (Prospect P) in 2024. The Company has also identified a new Fold Belt province within its exploration license, suggesting additional drilling potential. Asset Divestment and Collaboration ReconAfrica is currently negotiating an asset divestment deal to facilitate its exploration program in the Damara Fold Belt and Rift Basin areas. This collaboration aims to accelerate exploration activities and maximize resource potential. Namibia’s Development Potential Namibia’s hydrocarbon resources could boost regional energy security and economic growth. The partnership between ReconAfrica and NAMCOR demonstrates the potential for sustainable oil and gas development, creating jobs and attracting foreign investment. ReconAfrica’s Sustainability Commitment ReconAfrica emphasizes sustainability and social responsibility in its operations, minimizing environmental impact and engaging with local communities. AEC’s Support The African Energy Chamber (AEC) supports the exploration project, recognizing its potential for unlocking Namibia’s oil and gas reserves and attracting further investment.ReconAfrica and NAMCOR Break Ground on Exploration Well in Namibia’s Kavango Basin ReconAfrica and the National Petroleum Corporation of Namibia (NAMCOR) have commenced drilling of an exploration well in the onshore Kavango Basin, marking a significant milestone in Namibia’s oil and gas exploration efforts. The well, dubbed “6-2,” is located in Production License 001 and is designed to explore the basin’s potential for commercial hydrocarbons. ReconAfrica and NAMCOR, who hold a 90% and 10% stake in the license, respectively, are collaborating on the project. The drilling rig, imported from South Africa, has reached the target depth and is currently undertaking initial operations. The well is expected to take several months to complete, with results anticipated by the end of the year. ReconAfrica CEO Scot Evans expressed optimism about the project, stating that the well has the potential to “transform” the Namibian economy and open up new avenues for growth and development. “We are thrilled to be embarking on this journey with our partners at NAMCOR,” said Evans. “We believe that the Kavango Basin holds enormous promise, and we are committed to responsibly explore and develop its resources for the benefit of the Namibian people.” If commercially viable hydrocarbons are discovered, the project could have a profound impact on Namibia’s economy, creating jobs, attracting investment, and generating significant revenue for the government. The Kavango Basin covers a large area of northeastern Namibia and is considered to be an under-explored sedimentary basin with potential for both oil and gas. Previous seismic surveys conducted by ReconAfrica have identified several promising leads within the basin. The drilling of the “6-2” well represents a major step forward in Namibia’s quest to develop its domestic energy resources and reduce its reliance on imported fossil fuels. The project is being closely monitored by stakeholders, including the government, industry experts, and the local community.