Canadian oil and gas company, ReconAfrica, and its joint venture partner, Namibian national oil company, NAMCOR, have been granted approval by the country’s Ministry of Mines and Energy (MME) for the second renewal exploration period on Petroleum Exploration License (PEL) 73 in the Kavango Basin.
The second renewal exploration period will run from January 2024 to January 2026.
With prospective resources of approximately 22 trillion cubic feet of gas in place in PEL 73, ReconAfrica will acquire additional subsurface data for the license, with options including 500 km2 of 2D seismic data, 1,200 km2 of enhanced Full Tensor Gradiometry (eFTG), or a combination thereof.
“We appreciate the MME recognizing the significant capital deployed during the first renewal exploration period on PEL 73 over the past three years,” stated ReconAfrica President and CEO, Brian Reinsborough. “During the first exploration period, the Company has exceeded our work commitments through the drilling of three stratigraphic test wells, acquisition of over 2,750 km of 2D seismic and a ~5,000-km2 eFTG survey.”
Under the second renewal exploration period, ReconAfrica is expected to commence a drilling program to test the Damara Fold Belt and oil-prone rift plays in the Kavango Basin. The company will design and drill a minimum of one exploration or stratigraphic test well in the license.
