… as miner could host up to 14.5 trillion cubic feet of recoverable gas
A frontier onshore play being chased in Namibia by Vancouver-based junior ReconAfrica could host up to 14.5 trillion cubic feet of recoverable gas, according to a resource assessment of the area carried out by a well-known reservoir specialist.
ReconAfrica’s share price in Toronto surged by almost 16% on publication of the report, hitting C$1.39 (US$1.06) at the time of publishing.
The Toronto and Frankfurt-listed player has drilled some wells — sometimes describing them as stratigraphic wells and at other times exploration wells – on its acreage in the frontier Kavango basin in northeast Namibia, the results of which show the area may host oil and gas, while also acquiring 2D seismic data.
Netherland, Sewell & Associates estimates that potential prospective resources in the Damara Fold Belt play in Petroleum Exploration Licence (PEL) 73 stands at more than 22 Tcf, of which 14.5 Tcf could possibly be recoverable.
However, adopting a reasonable risk profile of the nine prospects, Netherland, Sewell & Associates came up with an estimate of 1.37 Tcf for prospective recoverable resources, with the biggest prospect holding about 470 billion cubic feet of this volume.
Based on the interpretation of more than 1100 kilometres of recently acquired 2D seismic, ReconAfrica has so far identified nine large anticline prospects and 12 anticline leads.
Netherland, Sewell & Associates’ report was based solely on these nine prospects. Upstream