The stock of Reconnaissance Energy Africa Ltd (OTCQX: RECAF) surged 16.12 percent to $7.7800 at yesterday’s close. The volume of reconnaissance stock was 2.76M, versus its average weekly volume of 934.73K. RECAF stock increased as positive results from the first section of the second well were reported.
What did the drilling results confirm?
Reconnaissance is a Canadian oil and gas company working to open the newly discovered Kavango Sedimentary Basin, which lies in the Kalahari Desert of northeastern Namibia and northwest Botswana. There are approximately 8.4 million contiguous acres in RECAF’s petroleum licenses. RECAF is devoted to minimizing disturbances in all of its operations, and it will implement environmentally and socially sustainable practices throughout its project areas.
On Thursday, Reconnaissance announced that it had installed the intermediate casing in this second well (6-1) and reported geologic results.
It was once again revealed by RECAF that the Kavango Sedimentary Basin has a functioning petroleum system. As part of its environmental, social, and governance (ESG) program, RECAF is committing at least $10 million (Namibian $112 million) of ESG expenditures in the Kavango region where it operates.
- RECAF has begun drilling its second well (6-1) in Namibia on May 5, 2021, as part of its commitment to the Namibian government.
- RECAF’s three-well program in the Kavango Sedimentary Basin continued the evaluation of conventional hydrocarbon systems confirmed in the first well (6-2).
Reconnaissance (RECAF) reports 134m (440 feet) of light oil and gas from the 6-1 well, based on initial analysis of this first section. Shows in the RECAF 6-2 well, 16 km to the south, have similar characteristics. Similar to its first well (6-2), RECAF’s second well (6-1) is in the same sub-basin and indicates that a conventional petroleum system is in place.