CALGARY,
AB, June 27, 2024 /CNW/ - Reconnaissance
Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO)
(OTCQX: RECAF) (Frankfurt: 0XD)
announces an operations update with respect to activity relating to
Petroleum Exploration Licence 73 ("PEL 73"), onshore northeast
Namibia, and a joint venture
update.
Brian Reinsborough,
President and CEO commented: "We have completed all
the camp, rig and equipment moves and are in the process of rigging
up in anticipation of a July 7, 2024
spud date for the high impact Naingopo exploration well.
Operationally, things remain busy on site with well site
construction and mobilization activities being completed in line
with our expected scheduling. Additionally, field operations teams
are mobilizing ahead of the start of well pad construction
activities for Prospect P planned to being in the next month. This
prospect is expected to spud immediately after completion of the
Naingopo exploration well."
Operations Update
All camp, rig and equipment moves have been completed with all
major equipment now on site of the Naingopo exploration well. Third
party service contractor teams are either on site or expected to
mobilize to the site in the next week ahead of the expected spud
date of July 7, 2024. On Prospect P,
debushing and road access activities are ongoing with major civil
works including well pad construction expected to commence in the
next month.
Joint Venture Process Update
The Company continues to progress its farm out joint venture
process which we expect to conclude soon.
About ReconAfrica
ReconAfrica is a Canadian oil and gas company engaged in the
opening of the newly discovered Kavango Sedimentary Basin in the
Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum
licenses comprising ~8 million contiguous acres. In all aspects of
its operations ReconAfrica is committed to minimal disturbance of
habitat in line with international standards and will implement
environmental and social best practices in all of its project
areas.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
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Cautionary Note Regarding Forward-Looking
Statements:
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Certain statements contained in this press release
constitute forward-looking information under applicable Canadian,
United States and other applicable securities laws, rules and
regulations, including, without limitation, statements with respect
to the timing of the drilling of the Naingopo well, the
procurement of all necessary services and equipment, the timing of
activities relating to Prosect P, the outcome of the joint venture
process as there is no guarantee an agreement will be reached, and
the Company's commitment to minimal disturbance of habitat, in line
with best international standards and its implementation of
environmental and social best practices in all of its project
areas. These statements relate to future events or future
performance. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated" and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on ReconAfrica's current belief or
assumptions as to the outcome and timing of such future events.
There can be no assurance that such statements will prove to be
accurate, as the Company's actual results and future events could
differ materially from those anticipated in these forward-looking
statements as a result of the factors discussed in the "Risk
Factors" section in the Company's annual information form dated
December 4, 2023, available under the Company's profiled at
www.sedarplus.ca. Actual future results may differ materially.
Various assumptions or factors are typically applied in drawing
conclusions or making the forecasts or projections set out in
forward-looking information. Those assumptions and factors are
based on information currently available to ReconAfrica. The
forward-looking information contained in this release is made as of
the date hereof and ReconAfrica undertakes no obligation to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
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SOURCE Reconnaissance Energy Africa Ltd.