Reconnaissance Energy Africa Ltd. (TSE:RECO) has released an update.
Reconnaissance Energy Africa Ltd. has reported a significant increase in estimated prospective oil resources in the Damara Fold Belt, Namibia, with a potential unrisked 15.4 billion barrels of oil in place. The optimism stems from comprehensive geochemical analyses and modeling, which also suggest prospects for large natural gas accumulations. The company, holding a 90% working interest in the project, plans to commence its drilling program in June, targeting identified prospects and leads with a high chance of discovering oil.
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