ReconAfrica to drill second well in the Kavango Basin
STAFF WRITER
ReconAfrica is preparing to drill its second exploration well onshore Namibia within the next few months.
This comes after the company came up with a plan to raise funds for the operation in the frontier Kavango basin.
A statement released by the company last week said they planned to raise N$149 million (US$7.3 million).
In the same week they increased the size of the offering to N$207 million ( C$16.5 million) citing strong investor demand.
Recon Africa said the net proceeds of the offering will be used primarily for exploration activities, as well as working capital and general corporate purposes, ReconAfrica said.
Chief executive Brian Reinsborough said they are targeting one of the company’s largest and most attractive prospects.
Kavango West-1X will also test in the Damara Fold Belt play, a prospect mapped at more than 20 kilometres long and five kilometres wide.
So far, the company has mapped 19 prospects and 4 leads on the Namibia side of the Damara fold belt play, which also extends into Angola, where ReconAfrica is looking to secure exploration acreage.
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