Recon drilling update5 Nov 2024 17:19
Just announced
RECO announced a brief corporate update this morning which included a drilling update, a license approval, and dual listing on the Nambian Stock Exchange (NSX). The Naingopo exploration well on PEL 73 continues to drill towards targeted depth after experiencing another slight delay after requiring some additional time to replace a hose on the choke manifold. RECO is currently drilling ahead at 3,500 metres (11,500 feet) and the Company expects to complete drilling operations towards target depth of 3,800 metres (12,500 feet) in the next week or so with results anticipated following an analysis of a logging program and any obtained oil or natural gas samples. Success here would represent a significant catalyst for the stock and could open up additional opportunities in the Damara Fold Belt. Further, road construction for the Kambundu well (Prospect P) is nearly finished, with drilling set to follow Naingopo’s analysis. Finally, a 500 km 3D seismic survey on PEL 73 is planned for mid-2025, marking Namibia's first onshore 3D seismic acquisition.