VANCOUVER, BC, July 12, 2023 /CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) announces it has received its Environmental Clearance Certificate ("ECC") from the Office of the Environmental Commissioner, Ministry of Environment, Forestry and Tourism, covering PEL 73 licence, which extends over an area of ~6.3 million acres (~25,000 km2), in northeastern Namibia.
The ECC authorizes ReconAfrica to commence the drilling of an additional 12 exploration and appraisal wells, to unrestricted depths, in the Kavango Basin, in Namibia from July 4, 2023, until July 4, 2026. The primary objective of the upcoming drilling program is to establish commercial accumulations of oil and or natural gas and natural gas liquids which were identified in the first three stratigraphic test wells. Management's current focus in the 3rd & 4th quarter of 2023 is developing and prioritizing its prospect inventory in order to execute a multi-well drilling program targeting both primary plays; the Damara Fold Belt and the Karoo Rift Basin, with initial emphasis on the Damara Fold Belt as detailed in the Company's June 26, 2023, news release.
About ReconAfrica
ReconAfrica is a 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 licences comprising ~8 million contiguous acres. In all aspects of its operations ReconAfrica is committed to minimal disturbance of habitat in line with international standards and will implement environmental and social best practices in all of its project areas.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the Company's primary objective of the upcoming drilling program being to establish commercial accumulations of oil and or natural gas and natural gas liquids which were identified in the first three stratigraphic test wells, management's current focus being to develop and prioritize its prospect inventory in order to execute a multi-well drilling program targeting both primary plays; the Damara Fold Belt and the Karoo Rift Basin, with initial emphasis on the Damara Fold Belt, and the Company's commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in all of its projectareas. These statements relate to futureevents or futureperformance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of suchfutureevents. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a resultof the factorsdiscussed in the "RiskFactors"section in the Company's annual information form dated June 20, 2023, available under the Company's profile at www.sedar.com.
Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE Reconnaissance Energy Africa Ltd.
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