The recent Operational update from Recon Africa on April 3, 2023, confirms the very significant potential of the Owambo Basin, where their wells have proven a working petroleum system in the deeper Owambo play.
This play is the primary focus of exploration in our PEL93, some 100kms to the West, with the 144sqkm structure interpreted in our AOI 00 being in the same fold belt environment as the similarly large anticlines mapped by Recon.
With Recon planning to test one of these anticlines imminently, Monitor is ideally positioned to benefit from the results of their play opening well.
Recon Africa’s news release from April 3rd provides further details about their ongoing phase two 2-D seismic program, drilling permits of 6 locations and intention to drill Damara in Q2-Q3 2023, and petroleum system analysis to evaluate the source rock.
The entire news release is available here.