ReconAfrica ups recoverable reserves in Namibia
Namibia The third-party estimates were performed by petroleum analysis entity Netherland, Sewell & Associates.
The company identified nine large anticlinal prospects and 12 anticlinal leads that pointed to the resources holding more than 634 bcm (22.4 tcf) of undiscovered gas initially in place.
The onshore play is located on the PEL 73 concession in the Kavango Basin in northeastern Namibia.
ReconAfrica holds a 90% stake in the concession.
The company’s share price in Toronto skyrocketed by almost 16% following the announcement.
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