Reconnaissance Energy Africa (RECO-V) Grant of Environmental Clearance Certificate for Namibia Drilling Operations
Oct 30, '19 - NR
Reconnaissance Energy Africa Ltd. has received its environmental clearance certificate (drilling permit) from the Office of the Environmental Commissioner, Namibia Ministry of Environment and Tourism, covering the entire PEL 73 permit, which extends over an area of 6.3 million acres (25,000 square kilometres), in northeastern Namibia.
The drilling permit authorizes Reconnaissance Energy Africa to commence drilling of numerous wells, to unrestricted depths, in the newly discovered Kavango basin, in Namibia, until Aug. 26, 2022.
The primary objective of the initial multiwell drilling program is to establish an active petroleum system, of which the main target is the Permian marine shales. The secondary objective is the evaluation of conventional hydrocarbon-bearing stratigraphy.
"The grant of the environmental clearance certificate resulted from the extensive preparations by ReconAfrica, including public hearings in East Kavango and West Kavango, with no objections expressed by local communities," stated Jay Park, chief executive officer of Reconnaissance Energy Africa. "Further, we are pleased with the ongoing support we have received for our planned operations, at all levels of Namibia's government."
The company further announces it has, pursuant to the company's stock option plan, granted to directors, officers, consultants and employees of the company options to purchase an aggregate of 5.35 million common shares of the company at a price of 25 cents per share, for a period of up to five years, subject to regulatory approval.
Reconnaissance Energy Africa is a junior oil and gas company engaged in the development of the newly discovered Kavango sedimentary basin, in northeastern Namibia, where the company holds a 90-per-cent working interest in petroleum licences, comprising approximately 6.3 million contiguous acres.
For Further Information Contact:
Reconnaissance Energy Africa Ltd.
J. Jay Park, QC
Chief Executive Officer
Tel: +44 7748 354 555
Email: admin@reconafrica.com
reconafrica.com
Co. presentation Sept '19 reconafrica.com |
