{"id":13751,"date":"2023-06-28T08:29:06","date_gmt":"2023-06-28T08:29:06","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13751"},"modified":"2023-06-30T08:29:32","modified_gmt":"2023-06-30T08:29:32","slug":"namibia-independent-3rd-party-natural-gas-resource-report-for-the-damara-fold-belt-kavango-basin-indicates-significant-upgrade-in-prospective-resources-to-22-4tcf","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-independent-3rd-party-natural-gas-resource-report-for-the-damara-fold-belt-kavango-basin-indicates-significant-upgrade-in-prospective-resources-to-22-4tcf\/","title":{"rendered":"NAMIBIA: Independent 3rd Party Natural Gas Resource Report for the Damara Fold Belt, Kavango Basin Indicates Significant Upgrade in Prospective Resources\u00a0to 22.4TCF"},"content":{"rendered":"\n


<\/em>Reconnaissance Energy Africa\u00a0has announced an updated prospective resource estimate supported by a\u00a0Prospective Resource Report\u00a0(dated June 22, 2023 with an effective date of March 31, 2023) focused solely on the new\u00a0Damara Fold Belt gas play\u00a0<\/strong><\/em>located within the Company\u2019s\u00a0Petroleum Exploration Licence (‘PEL 73’)\u00a0in the Kavango Basin, NE Namibia in which the Company holds a 90% working interest.<\/p>\n\n\n\n

ReconAfrica engaged Netherland, Sewell & Associates, Inc. (NSAI), an independent qualified reserves evaluator based in Texas, to prepare the Report. A copy of the Report can be found on SEDAR via the following \u2013\u00a0SEDAR.<\/p>\n\n\n\n

The significant upgrade in Prospective Resources since the last report, the Prospective Resource Report (dated April 27, 2022 with an effective date of December 31, 2021), is based on and driven by the Company\u2019s strategy to fast-track acquisition and processing of an additional 1100 km + of 2D seismic over the Damara Fold Belt play, which was initially discovered in the first phase of 2D seismic acquisition in 2021.<\/p>\n\n\n\n

Within the Fold Belt fairway on PEL 73, the Company has so far identified 9 large anticlinal prospects* and 12 anticlinal leads** of which the 9 prospects are included in the Report. The resource estimates on the properties described in the Report represent an initial unrisked\u00a022.4 Trillion Cubic Feet (‘TCF’)<\/em>\u00a0of undiscovered gas initially-in-place for the Project.<\/p>\n\n\n\n

* A prospect is a potential accumulation within a play that is sufficiently well defined to represent a viable drilling target.
** A lead is a potential accumulation within a play that requires more data acquisition and\/or evaluation to be classified as a prospect.<\/p>\n\n\n\n

REPORT HIGHLIGHTS:<\/strong><\/p>\n\n\n\n

Summary of Undiscovered Gas Initially-In-Place (1)<\/strong><\/p>\n\n\n\n

(As of March 31, 2023)<\/strong><\/p>\n\n\n\n

Category<\/td>Project Gross (100%)<\/td>Company Gross (90% WI)<\/td><\/tr>
Best Estimate (2U) (2)<\/td>Conventional Natural Gas (Bcf)<\/td>Conventional Natural Gas (Bcf)<\/td><\/tr>
 <\/td>22,383<\/td>20,145<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Summary of Unrisked Prospective (3) Gas Resources (4)<\/strong><\/p>\n\n\n\n

(As of March 31, 2023)<\/strong><\/p>\n\n\n\n

Category<\/td>Project Gross (100%)<\/td>Company Gross (90% WI)<\/td>Net prospective resources after royalty deduction<\/td><\/tr>
Best Estimate (2U) (2)<\/td>Conventional Natural Gas (Bcf)<\/td>Conventional Natural Gas (Bcf)<\/td>Conventional Natural Gas (Bcf)<\/td><\/tr>
 <\/td>14,549<\/td>13,094<\/td>12,439<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Summary of Risked Prospective Gas Resources (5)<\/strong><\/p>\n\n\n\n

(As of March 31, 2023)<\/strong><\/p>\n\n\n\n

Category<\/td>Project Gross (100%)<\/td>Company Gross (90% WI)<\/td>Net prospective resources after royalty deduction<\/td><\/tr>
Best Estimate (2U) (2)<\/td>Conventional Natural Gas (Bcf)<\/td>Conventional Natural Gas (Bcf)<\/td>Conventional Natural Gas (Bcf)<\/td><\/tr>
 <\/td>1,370<\/td>1,233<\/td>1,172<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

(1) Undiscovered Gas Initially-In-Place is that quantity of natural gas that is estimated on a given date to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered gas initially-in-place is referred to as prospective resources; the remainder is unrecoverable.
(2) 2U is the best estimate scenario of prospective resources.
(3) Prospective Resources are those quantities of gas estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
(4) Unrisked Prospective Resources \u2013 these estimates are the volumes that could reasonably be expected to be recovered in the event of the discovery and development of these prospects.
(5) Risked Prospective Resources \u2013 these estimates are based on unrisked prospective resources that have been risked for chance of discovery and chance of development. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reconnaissance Energy Africa\u00a0has announced an updated prospective resource estimate supported by a\u00a0Prospective Resource Report\u00a0(dated June 22, 2023 with an effective date of March 31, 2023) focused solely on the new\u00a0Damara … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[7587,1675,9319,11269,8312,7589,11270],"class_list":["post-13751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-kavango-basin","tag-namibia","tag-netherland-sewell-associates","tag-nsai","tag-pel-73","tag-reconafrica","tag-sedar","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/Namibia-Damara-Fold.jpg?fit=750%2C418&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3zN","jetpack-related-posts":[{"id":14262,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-announces-an-updated-independent-third-party-resource-report-for-the-damara-fold-belt\/","url_meta":{"origin":13751,"position":0},"title":"NAMIBIA: Reconafrica Announces an Updated Independent Third-Party Resource Report For The Damara Fold Belt","author":"","date":"March 17, 2024","format":false,"excerpt":"REPORT HIGHLIGHTS(1) Gross to the Company unrisked, prospective oil in place in identified prospects of 15.4billion barrels Gross to the Company unrisked, prospective oil resources in identified prospects of 3.1billion barrels Brian Reinsborough, President and CEO commented: \u201cSince assuming the role of CEO in Augustof last year, I have assembled\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/Kavango-Basin-Map-120321-1200x724-1.png?fit=1200%2C724&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/Kavango-Basin-Map-120321-1200x724-1.png?fit=1200%2C724&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/Kavango-Basin-Map-120321-1200x724-1.png?fit=1200%2C724&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/Kavango-Basin-Map-120321-1200x724-1.png?fit=1200%2C724&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/Kavango-Basin-Map-120321-1200x724-1.png?fit=1200%2C724&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":14388,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-spuds-the-naingopo-exploration-well-on-pel-73\/","url_meta":{"origin":13751,"position":1},"title":"NAMIBIA: ReconAfrica Spuds the Naingopo exploration well on PEL 73","author":"","date":"July 8, 2024","format":false,"excerpt":"Reconnaissance Energy Africa and its joint venture partner NAMCOR have announced the spudding of the Naingopo exploration well on Petroleum Exploration Licence 73 (PEL 73), onshore northeast\u00a0Namibia. Additionally, the Company announces a joint venture update as well as a warrant exercise update. Naingopo Exploration Well Schematic (CNW Group\/Reconnaissance Energy Africa\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-Naingopo-1.png?fit=633%2C375&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-Naingopo-1.png?fit=633%2C375&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-Naingopo-1.png?fit=633%2C375&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14407,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-bw-energy-to-acquire-shares-in-reconnaissance-energy-africa-pel-73\/","url_meta":{"origin":13751,"position":2},"title":"NAMIBIA: BW Energy to Acquire Shares in Reconnaissance Energy Africa & PEL 73","author":"","date":"July 17, 2024","format":false,"excerpt":"BW Energy has signed a Letter Agreement with Reconnaissance Energy Africa Ltd (ReconAfrica) to acquire approximately 16.8 million common shares and 16.8 million warrants for a total consideration of USD 16 million in ReconAfrica\u2019s announced equity raise. By participating in the equity raise, BW Energy will also receive a 20%\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-PEL-93-1.png?fit=562%2C549&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-PEL-93-1.png?fit=562%2C549&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-PEL-93-1.png?fit=562%2C549&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13550,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-ongoing-2-d-seismic-program-confirms-new-play-type-in-the-southern-western-part-of-pel-73\/","url_meta":{"origin":13751,"position":3},"title":"NAMIBIA: ReconAfrica Ongoing 2-D Seismic Program Confirms New Play Type in the Southern & Western Part of PEL 73","author":"","date":"April 5, 2023","format":false,"excerpt":"Reconnaissance Energy Africa announces as a result of recent data from the ongoing phase two 2-D seismic program, a significant new play type has been confirmed in the southern and western partsof the Company\u2019s ~6.3 million acre exploration licence area in Namibia \u2013 PEL 73. This new fold belt province,\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Namibia-Kavango-Basin-Map-120321-1200x724-1.png?fit=1200%2C724&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Namibia-Kavango-Basin-Map-120321-1200x724-1.png?fit=1200%2C724&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Namibia-Kavango-Basin-Map-120321-1200x724-1.png?fit=1200%2C724&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Namibia-Kavango-Basin-Map-120321-1200x724-1.png?fit=1200%2C724&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Namibia-Kavango-Basin-Map-120321-1200x724-1.png?fit=1200%2C724&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13812,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-receives-environmental-clearance-certificate-to-drill-12-new-wells-in-the-kavango-basin\/","url_meta":{"origin":13751,"position":4},"title":"NAMIBIA: ReconAfrica Receives Environmental Clearance Certificate to Drill 12 New Wells in the Kavango Basin","author":"","date":"July 17, 2023","format":false,"excerpt":"Reconnaissance Energy Africa it has received its Environmental Clearance Certificate (ECC) from the Office of the Environmental Commissioner, Ministry of Environment, Forestry and Tourism, coveringPEL 73 licence, which extends over an area of ~6.3 million acres (~25,000 km2), in northeastern Namibia. The ECC authorizes ReconAfrica to commence the drilling of\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Namibia-Damara-Fold.jpg?fit=750%2C418&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Namibia-Damara-Fold.jpg?fit=750%2C418&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Namibia-Damara-Fold.jpg?fit=750%2C418&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Namibia-Damara-Fold.jpg?fit=750%2C418&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14372,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-announces-upcoming-spud-of-the-naingopo-exploration-well-pel-73\/","url_meta":{"origin":13751,"position":5},"title":"NAMIBIA: ReconAfrica Announces Upcoming Spud of the Naingopo Exploration Well, PEL 73","author":"","date":"June 18, 2024","format":false,"excerpt":"Reconnaissance Energy Africa announces an operations update with respect to activity relating to Petroleum Exploration Licence 73 (PEL 73), onshore northeast Namibia, and an update on the joint venture process. Brian Reinsborough, President and CEO commented: \u201cOur operations teams and contractorsare very busy completing the camp and rig moves this\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Namibia-Naingopo.png?fit=633%2C375&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Namibia-Naingopo.png?fit=633%2C375&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Namibia-Naingopo.png?fit=633%2C375&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=13751"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13751\/revisions"}],"predecessor-version":[{"id":13753,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13751\/revisions\/13753"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13752"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}