No oil discovery narrative appears to have captured investor attention this year as much as Reconnaissance Africa’s (TSXV:RECO, OTC:RECAF) acquisition of the rights to Namibia’s giant, 6.3-million-acre Kavango Basin, which was followed in short order by two confirmations of an active petroleum system.
It’s captured our attention for several reasons; not the least of which is that onshore discoveries are pretty much a thing of the past, except in the final frontier of Africa, where Namibia—which has never produced a barrel in its history—is anxiously awaiting the possibility of its day in the energy spotlight.
It’s also captured our attention because this is a junior explorer who is sitting on what we think is a supermajor-size basin, and it’s fully-funded for its current 3-test well drill campaign.
But in recent weeks, our attention has been drawn by reports of surprise early results—twice. And now, there is a lot to potentially look forward to in the coming days and weeks.
On Monday last week, ReconAfrica announced that it had completed its second drill at its 6-1 stratigraphic test well. In a matter of days, we are expecting the results from that drill.
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Source: Oil Price