ReconAfrica Announces Grant of Environmental Clearance Certificate for Namibia Drilling Operations

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(TheNewswire)

October 7, 2019 – TheNewswire - Vancouver, BC - Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV:RECO) is pleased to announce it 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 km2), in northeastern Namibia.

 

The Drilling Permit authorizes ReconAfrica to commence drilling of numerous wells, to unrestricted depths, in the newly discovered Kavango Basin, in Namibia, until August 26, 2022.

 

The primary objective of the initial multi well 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, CEO of ReconAfrica. “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 5,350,000 common shares of the Company at a price of C$0.25 per share, for a period of up to five years, subject to regulatory approval.

 

ReconAfrica is a junior oil and gas company engaged in the development of the newly discovered Kavango Sedimentary Basin, in northeast Namibia, where the Company holds a 90% working interest in petroleum licenses, comprising approximately 6.3 million contiguous acres.

 

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

 

For further information contact:

J. Jay Park, CEO | Tel: 1 403 801 1111

Ian Brown, CFO | Tel: 1 604 331 8772

 

Cautionary Statements: Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

NOT FOR DISSEMINATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATES OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA.

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