Post by
jimgeorge on Apr 03, 2023 3:51pm
Press Release
Here's my take on the press release...when you get past all the jargon - "whaleback anticlines", "seismic stratigraphic sequence" etc - the bottom line is this:
Recon's original play, the Karoo Rift Basin, proven up by their original wells which were touted by Recon as highly successful, is a BUST. The 5-1 well, which was the greatest location ever, will not be drilled. This should be the death of Recon - BUT WAIT - there's another play - the Damara fold belt! Now that play is phenomenal, it is just like the Zagros field! (Remember when the Karoo Rift Basin was just like the Zagros field?)
I still believe it's way to early to say there will never be commercial oil in onshore Namibia, but I have to agree by now that this is a shameless pump and dump...sorry to all you longs, you've been duped.
Comment by
peterj99 on Apr 03, 2023 4:15pm
While I respect your opinion, I do not believe it s a pump and dump Time will tell whether they make a commercial oil discovery. I believe they will
Comment by
jimgeorge on Apr 03, 2023 4:41pm
Peter, I respect your opinion as well. And Recon may hit oil, but seriously, how many self-respecting oil companies would continually mention one of the world's biggest oil fields - that happens to be half a world away? It's not like they're drilling on-trend with a big field or anything. Zagros has no relevance to the kavango basin.