Namibia: ReconAfrica Upgrades Damara Fold Belt Resources to 22.4 TCF

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The update is based on ReconAfrica’s strategy to fast-track acquisition and processing of an additional 1,100km2 2D seismic program over the Damara Fold Belt play, which was initially discovered during the first phase of 2D seismic acquisition in 2021.

ReconAfrica has identified 9 anticlinal folds and 12 anticlinal leads on PEL 73, with initial resource estimates having been placed at 22.4 trillion cubic feet of undiscovered gas initially-in-place.

As such, NSAI will provide an annual update to the prospective resources in PEL 73 by the end of July 2023 for both the Damara Fold Belt as well as the adjacent Karoo Rift play – the original exploration concept for the license.

ReconAfrica holds a 90% interest in PEL 73, which covers an area of approximately 25,341km2, pursuant to an agreement between Namibia’s Ministry of Mines and Energy and the southern African country’s National Oil Company Namcor, which holds the remaining 10% interest in the license. Commercial success of PEL 73 will result in ReconAfrica’s acquisition of a 25-year production license, with the exploration period poised to end on 29 January 2025.

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Onur Yilmaz

Onur Yilmaz

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