Although gross potential recoverable reserves of 40 bcm of gas and 1 billion barrels of oil were appraised, Texas-based assessment company Netherland, Sewell & Associates’ best resource estimates sat at only 918 mcm (32.4 bcf) of gas and 73.5 million barrels of oil due to the high-risk nature of the plays.
The independent valuation is based on two stratigraphic wells drilled in production exploration licence PEL 73 and 450 kilometres of 2D seismic readings.
ReconAfrica has currently completed around 60% of a 600-kilometre 2D seismic survey covering 1,000 kilometres of the basin.
The E&P entity holds petroleum licences comprising around 34,400 square kilometres on the Kavango basin in the Klahari desert in northeastern Namibia.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.