RECO Is This The Most Exciting Oil Play Of The Last 20 Years?
Oilprice has just put out a superb article on Reconnaissance Energy.
The African nation of Namibia has never produced a barrel of oil in its history. Now, for the second time in less than two months, it’s received positive signs that it could be home to 120 Billion barrels of oil generated in its giant Kavango basin.
The small-cap explorer that’s bringing in the good news for Namibia is Reconnaissance Energy Africa (“Recon Africa”) and its stock spiked last week after it encountered evidence of oil and gas for a second time and made an impressive commitment to green energy
On April 15th, Recon Africa announced the results of its first of three drills (6-2), showing evidence of an active petroleum system.
Not only did the results point to indicators of an active petroleum system in this nearly 9-million-acre basin, but also provided 200 meters of oil and natural gas indicators/shows over three discrete intervals in a stacked sequence of reservoir and source rock.
Then, on June 3rd, RECO gave investors another reason to be excited, when the first section of its second well (6-1) provided further confirmation of a working petroleum system. At shallow depths, the well encountered 134 meters of light oil and gas.
The second well is 16 kilometers from the first well and is in the same sub-basin.
It’s a good read and worth of sharing
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June 10, 2021 at 06:01PM