Business
The World's Biggest Oil Hot Spot in Namibia Already Attracting Majors
Houston, Texas--(Newsfile Corp. - December 11, 2019) - Wall Street Nation announces publicatio...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"The World's Biggest Oil Hot Spot in Namibia Already Attracting MajorsHouston, Texas--(Newsfile Corp. - December 11, 2019) - Wall Street Nation announces publication of an article that discusses Reconnaissance Energy Africa Ltd. (TSXV: RECO) (OTC: LGDOF), a junior oil and gas company engaged in the exploration and developments of oil and gas in Namibia. Namibia is the World's Next Major Oil Hot SpotUntil recently, Namibia has been one of the most underexplored energy hotspots of Africa. However, that's quickly changing. According to Alpha Sierra investment adviser, Andrew Sekandi, the region is showing promise, attracting substantial attention from majors and juniors, as reported by The Africa Report. The adviser also says Namibia may have geology comparable to the pre-salt fields offshore Brazil, which holds 16 billion in crude reserves. In fact, there's so much potential in the region that Exxon Mobil recently acquired seven million net acres to expand its exploration acreage in offshore Namibia through an agreement with the government of Namibia and the NAMCOR, the state oil company of Namibia, as highlighted by Oil & Gas Journal. Better, 2014 analysis revealed a 30,000-foot sedimentary basin that many believe is filled with oil-rich hydrocarbons. In fact, industry expert Earthfield Technology's president Bill Cathey noted, \"Nowhere in the world has there been a sedimentary basin this deep that does not produce vast quantities of hydrocarbons.\"The basin in also comparable in size to the entire Eagle Ford Basin in Texas (6.9 million acres). Neighboring shale plays give analysts even more confidence there's sizable oil supply. To the south, for example, is Shell Oil's Whitehill Permian project, which has been ranked as one of the top 10 shale projects in the world. Reconnaissance Energy Africa Ltd. is a Major BeneficiaryAt the moment, Reconnaissance Energy Africa Ltd. holds a 90% interest in a petroleum exploration licence in northeast Namibia which covers the entire Kavango sedimentary basin in Namibia. Plus, its exploration license covers an area of approximately 25,341 sq km (6.3 million acres) and based on commercial success, entitles ReconAfrica to obtain a 25 year production license. The Kavango Basin offers both large scale conventional and non-conventional play types.The company just engaged international drilling ...