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Reconnaissance Energy (Africa) Ltd V.RECO

Alternate Symbol(s):  RECAF | V.RECO.WT | RCNWF

Reconnaissance Energy Africa Ltd. is a Canada-based oil and gas company. The Company is engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana. The Company holds interest in a petroleum exploration license no. 0073 (PEL 73) in northeast Namibia and an interest in petroleum exploration rights in northwest Botswana over the Kavango Sedimentary Basin. The Company's exploration license covers an area of approximately 25,341.33 square kilometers (km2) (6.3 million acres) of oil and/or gas exploration properties comprising Blocks 1719, 1720, 1721, 1819, 1820 and 1821 situated in the Kavango Basin of northeast Namibia (the Namibia Licensed Property) and approximately 7,592 km2 (1.88 million acres) in Botswana (the Botswana Licensed Property). The two licenses together comprise over 32,933 km2 (8 million acres).


TSXV:RECO - Post by User

Post by Oregonduckon May 24, 2022 6:27pm
197 Views
Post# 34705023

Namibia is like Somalia

Namibia is like Somalia

Like Somalia, Like Namibia.

No evidence of any onshore oil in Namibia. No Flow Tests, No JV's, No Uplisting.

In 2012, Horn Petroleum (since renamed Africa Energy) was a spin-off from Africa Oil (AOI) exploring for oil in Somalia/Puntland. They drilled the Shabeel-1 well and found a working petroleum system with good quality light oil. They then proceeded to drill a second well and subsequently disclosed that both wells were non-commercial that turned into water wells due to the lack of traps. No onshore oil wells have ever been discovered in the Somalia's arid desert. Horn Petroleum initially shot up like a rocket and subsequently plummeted to earth on the news of the two duster wells.

However, like Namibia, there is high expectations in the offshore oil potential in Somalia. estimated at 30 billions barrels. 

"...Recent seismic data suggests the Somali coastline could be cradling significant offshore oil reserves. Norwegian-based seismic data survey company TGS predicts reserves could be as high as 30 billion barrels spread across 15 shallow and deepwater blocks. While Somalia doesn't have the infrastructure to launch exploration and extraction projects, the joint venture with Shell and Exxon will empower the country with the scope to harness potential resources."
(source citation omitted)

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