The Naingopo well has reached a total depth of 4,184 metres. (Image source: Adobe Stock)

Reconnaissance Energy Africa Ltd has announced the results of the Naingopo exploration well within the Damara Fold Belt on Petroleum Exploration Licence 073 (PEL 73) onshore Namibia

Brian Reinsborough, president and CEO of the company, said, "We are excited about the results of this well, which opens the play and demonstrates a working petroleum system within the Damara Fold Belt. The importance of finding over 50 metres of net reservoir with indications of oil in this well is significant. The primary objective in the Otavi above the main fault was not penetrated due to seismic uncertainties, however, the Otavi was penetrated at predicted depth below the main fault, which contained evidence of oil. Further drilling is planned to delineate the full extent of the Damara Fold Belt play. Multiple indications of oil were encountered in the Naingopo well and we plan to continue to analyse all fluid and rock samples, which may take several months. Based on our technical learnings from the Naingopo well results, we have further derisked Prospect I and plan to drill this prospect ahead of Kambundu."

Chris Sembritzky, senior vice president of exploration of the company said, "I want to thank and congratulate our technical team for their technical rigor and efforts, which contributed to this success. Finding the presence of oil in the Otavi, as well as reservoir at these depths is critical for the opening of the Damara Fold Belt play. The Naingopo well was invaluable for unlocking our understanding of the play, as well as for further derisking the petroleum system elements and specific prospects. We may return to Naingopo for further appraisal drilling to fully test the extent of the structure. With the acquisition and processing of the Vertical Seismic Profile ("VSP"), we feel confident that any uncertainty with structure has been eliminated with respect to Prospect I. We are excited to move to our next prospect as we seek to unlock the significant resource potential of the Damara Fold Belt."

The Naingopo well has reached a total depth of 4,184 metres. It proved the occurrence of both the Mulden and Otavi stratigraphy. The well encountered 52 metres of net reservoir in the Otavi Group, with the Mulden reservoirs being tighter than expected. The Naingopo VSP has allowed us to correlate the well results to the Otavi seismic event, derisking the Otavi presence in future Damara Fold Belt prospects. Additionally, the indication of oil via rock fluorescence was pervasive within the Otavi Group. This interval of fluorescence was associated with oil being recovered at surface in the drilling mud system.

Side wall cores, isotubes, cuttings and fluid samples are currently with third party service providers for analysis. Additionally, the VSP processing is being finalized, along with the structural and stratigraphic interpretations from the formation image logs.

In addition to the plan to move next to Prospect I in the Damara Fold Belt, we are advancing permitting for our planned 3D seismic acquisition program, which is expected to include both Rift Basin and Damara Fold Belt locations and will be conducted by vibroseis. We expect to commence 3D seismic acquisition in the second half of 2025.

ReconAfrica holds a 70% working interest in PEL 73 and is operator of the concession. Partners are BW Energy Limited with a 20% working interest and NAMCOR with a 10% working interest.

The partners will explore the Damara Fold Belt and Rift Basin plays. (Image source: Adobe Stock)

Reconnaissance Energy Africa has completed a farm down agreement with BW Energy Limited

The sale of a 20% working interest in Petroleum Exploration Licence 73 (PEL 73), in northeast Namibia , has been approved by the Namibian Ministry of Mines and Energy and Namcor Exploration and Production (Pty) Ltd.

The working interests in PEL 73 now comprise ReconAfrica as operator with 70% interest; BW Energy with 20% interest, and NAMCOR with a 10% interest.

Brian Reinsborough , President and CEO commented, "We are pleased to have received all the necessary approvals for the completion of our strategic farm down agreement with BW Energy on PEL 73. We look forward to working with BW Energy as we continue to explore the Damara Fold Belt and Rift Basin plays.

"The results of the Naingopo exploration well will be released shortly following third party analysis of our extensive evaluation program, which was undertaken after the completion of drilling operations on the well. Results have been delayed due to transportation of side wall cores and fluid samples over the holiday period. All samples have now arrived with our third parties and are being analysed."

Carl K. Arnet , CEO, BW Energy commented, "The transaction will enable BW Energy to expand its footprint in a strategically important energy region and further our position as a leader in Namibia's journey towards energy independence. The data and insights gained through ReconAfrica's exploration campaign will further our understanding of the geology and petroleum system in Namibia ."

Congo's Hydrocarbons Code which puts Congolese nationalists first. (Image source: Adobe Stock)

With an aim to enhance transparency and local integration, the Minister of Hydrocarbons Bruno Jean-Richard Itoua recently launched a registration campaign for subcontracting and service companies in the oil and gas industry

This comes as part of Congo's Hydrocarbons Code which puts Congolese nationalists first. It advances a comprehensive law on local content, with internationl partnerships forged on the basis of knowledge sharing and capacity building. This will allow the region to benefit from its rich natural resources through job ccreation, technology transfer and building local expertise.

In line with its economic goals, the government has established policies to ensure that Congo’s energy sector benefits local businesses and workers.

While the government sets the framework, private sector companies are taking proactive steps to promote local content. Energy supermajor TotalEnergies employs around 600 local staff in Congo compared to just 40 expatriates, showcasing it commitment to workplace integration. The company also invests in training and development programs to equip Congolese employees with the skills needed for higher-level roles. In June 2024, TotalEnergies committed $600 million to expand production at the Moho Nord offshore field, with a focus on involving local subcontractors and training programs.

Similarly, Italian multinational energy company Eni is investing in local workforce development. As part of its efforts to prepare for the launch of LNG production last year, the company trained 40 Congolese employees in liquefaction technologies. This initiative helped to ensure that Congo has the skilled workforce its needs to manage LNG facilities and reduce reliance on foreign specialists.

Algeria has six onshore blocks currently in offer. (Image source: Adobe Stock)

Aiming consistent flow of investments upto US$50bn, the National Agency for the Valorization of Hydrocarbon Resources (ALNAFT) unveiled an ambitious five-year licensing strategy inviting both domestic and international investors, starting November 2024

With six onshore blocks currently in offer, the deadline for bid submissions is 15 April, following the evaluation of bids, contracts will be officially awarded in Algiers on May 29, 2025. These blocks include M’Zaid, Ahara, Reggane II and Zerafa II, which will be offered as Production Sharing Contracts (PSCs).

ALNAFT has compiled over 102,000 line-kilometers of 2D seismic data and more than 45,000 km² of 3D seismic data. This extensive dataset offers investors a clear and comprehensive view of Algeria’s subsurface potential, aiding in the identification of promising hydrocarbon prospects.