Is The World’s Hottest Oil Play About To Surprise Markets Again?
The world’s hottest oil play, Kavango Basin oil exploration, is lighting up again. This is with a series of big announcements on Friday by the junior explorer. This is behind what we consider is the most exciting onshore play in a decade.
They made two consecutive confirmations of an active petroleum system in Namibia’s giant Kavango Basin.
Reconnaissance Energy Africa (TSX.V: RECO, OTCMKTS:RECAF) has now initiated an ambitious 450-kilometer 2D seismic acquisition. This expects to release more comprehensive results from their first well. With that, it also launched an impressive community water well drilling program for Namibia.
The July 30th Press Release
Recon Africa and its Namibian state-run partner NAMCOR, launched the first-ever 2D seismic program. This is in the 6.3-million-acre Kavango Basin. It follows the successes of the drilling of two stratigraphic wells. Both of which have confirmation of an active conventional petroleum system.
The Company reports that a 450-kilometer seismic program is to delineate potential traps and hydrocarbon reservoirs. Importantly, 95% of the seismic program will be on existing roads over 10 seismic lines. For the past week, Recon Africa is working with Canada’s most established seismic provider. It is the Polaris Geophysical. Finally, they have been testing the first line before moving into full acquisition mode.
The entire 450-km seismic acquisition is ready by the end of October. That, along with Vertical Seismic Profiles (VSPs), is ready right now. It is to connect the first two stratigraphic test wells (6-1 and 6-2). These are to guide the next round of drilling before the end of this year.
multiple logging by RECO is complete and it runs and taken 86 sidewall cores in the 6-1 well. Next, it will run and cement casing to isolate the prospective hydrocarbon-bearing zones. In addition, it will run the VSP to total depth to tie both wells into the wider 2D seismic program.
Shareholders have also been anticipating additional results from the first test well, and we expect they won’t be disappointed: according to their latest press release, RECO plans to release these results this week, right after they submit them to NAMCOR and the Namibian Ministry of Mines and Energy.
Click here to read the full article about this hottest oil play news.
Source: Oil Price
Image Credit: Flickr/cc
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