The approval for the second renewal of the exploration period was granted by the Ministry of Mines and Energy (MME) and is valid from January 30, 2024 to January 29, 2026. The license covers approximately 6.3 million acres (approximately 2.5 million hectares) of ReconAfrica’s Petroleum Exploration License (PEL) 73. ReconAfrica is an oil and gas exploration company located in the Kavango Sedimentary Basin of the Kalahari Desert in northeast Namibia and northwest Botswana, where it holds approximately 8 million acres (3.2 million hectares) of oil concessions.
“We are pleased that MME has recognized the significant capital deployed and program of work undertaken by ReconAfrica during the last three years of PEL 73 initial renewal exploration. During the initial exploration phase, the company exceeded our work commitments, drilling three formation test wells and obtaining Over 2,750 kilometers of 2D seismic survey and approximately 5,000 square kilometers of eFTG survey.
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I would also like to take this opportunity to commend the ReconAfrica and Reconnaissance Energy Namibia teams for their efforts in implementing these projects safely and for the benefit of the Namibian people. ReconAfrica President and Chief executive Brian Reinsborough said: “We look forward to executing a highly productive exploration program as we commence a drilling program to test the potential Damara Fold Zone and oil-producing rift zones. “
As part of a second updated exploration period, the company will collect more subsurface data.
This includes 500 kilometers of 2D seismic data, 1,200 square kilometers of enhanced full tensor gradient measurements, or a combination thereof.
ReconAfrica must design and drill an exploration well
In addition, company must design and drill an exploration well or formation test well.
The approval of the second updated exploration period is a significant achievement as the company looks to continue exploring the potential of the Kavango Basin within PEL 73.
This is also an important achievement of ReconAfrica’s continued advancement of outsourcing joint ventures.
ReconAfrica said in a statement that MME is Namibia’s leading institution in attracting private investment in resource exploration and development by providing geoscientific information on mineral and energy resources and managing fair and secure property rights systems in the mining, oil and gas sectors. Geothermal industry.
“It also has primary responsibility for regulating these extractive industries and ensuring that safety, health and environmental standards comply with relevant state and federal laws, regulations and policies,” ReconAfrica said.