ReconAfrica's Kavango West-1X Well Progress and Hydrocarbon Discovery

ReconAfrica's onshore exploration well, Kavango West-1X, located in Petroleum Exploration Licence 73 in Namibia, has encountered hydrocarbons through multiple oil and gas shows. The company has received approval to deepen the well to further assess zones of interest. Spudded on July 31 and targeting the Otavi carbonate play in the Kavango basin, full results are anticipated by year-end.

Stock Performance and Corporate Statement

Following the announcement, ReconAfrica's stock price increased by over 10% to C$0.49 (US$0.35) in Toronto trading. The company's chief executive expressed encouragement regarding the results, highlighting the presence of hydrocarbons via numerous oil and gas shows and strong, consistent natural gas markers on mud logs throughout the Otavi reservoir package.

Drilling Operations and Planned Testing

As of November 7, the well reached a depth of 4158 meters, exceeding the originally planned total depth of 3800 meters. Approval was granted to drill to approximately 4200 meters due to the encouraging hydrocarbon presence. However, drilling is currently delayed at 4158 meters because of a drive shaft failure on the Jarvie-1 rig. Repair equipment is en route to the northeast Namibia site, with completion expected next week.

Future Evaluation and Disclosure Plans

Upon reaching total depth, ReconAfrica plans to conduct an extensive wireline testing program to verify hydrocarbon shows, including fluid sampling and pressure measurements. The company intends to disclose results after thorough evaluation, maintaining its schedule to provide findings before the end of the year. This evaluation will include wireline logging, coring, and fluid sampling, reflecting the scale of the Kavango West prospect and the broader Damara Fold Belt play.

This material is an AI-assisted summary based on publicly available sources and may contain inaccuracies. For the original and full details, please refer to the source link. Based on materials by Iain Esau. All rights to the original text and images remain with their respective rights holders.