お知らせ • 57m
Reconnaissance Energy Africa Ltd. Announces Hydrocarbon Flow To Surface From Huttenberg Formation At Kavango West 1X And Plans Open Hole Horizontal Testing Reconnaissance Energy Africa Ltd. along with its partners BW Energy (20% WI) and the National Petroleum Corporation of Namibia (NAMCOR, 10% carried WI), announced preliminary production testing results from the three zones in the Huttenberg formation on the Kavango West 1X (KW1X) discovery well, along with plans to advance to open-hole horizontal production testing. The uppermost zone of the Huttenberg formation flowed natural gas and potential liquid content to surface immediately upon perforation, ahead of any acid stimulation, and was flared through the relief flare stack. Flow rates were not measured from the Huttenberg due to previously disclosed equipment limitations, which has been rectified for the upcoming open hole horizontal production test by way of procuring the necessary equipment, which is currently being shipped to site, and by changing the surface operations service provider at site. Production samples, including both natural gas and potential liquid content have been collected in several IsoTubes with results of the compositional analysis expected in the coming weeks from samples sent to laboratories in the United States. This test result completes vertical production testing operations at KW1X. Surface testing equipment associated with the vertical program has been stood down and demobilized as the Company prepares for the next phase of operations. Having flowed natural gas and potentially liquids to surface from two separate zones at KW1X, the next stage of success-based testing is to proceed with an open-hole horizontal production test in the uppermost zone of the Huttenberg formation, with an option for an additional horizontal test in the uppermost zone of the Elandshoek formation. The Huttenberg formation was selected for the initial horizontal test based on flow of natural gas and potential liquids to surface, 75 metres of pay identified from original well log analysis, presence of matrix porosity between large natural fractures, longer horizontal lateral section due to being approximately 600 metres shallower than the Elandshoek, and the Jarvie-1 rig is expected to drill up to 1,000 metres of horizontal section through the Huttenberg formation. The purpose of the vertical production testing program was to determine which parts of the reservoir, if any, could flow hydrocarbons to surface. It was not to determine flow rate as cased vertical wells are not the optimized development design for this fractured reservoir. Phase one production testing achieved a critical milestone; the program established two of the six zones of interest identified in the well contain hydrocarbons capable of flowing to surface. This does not preclude the other sections from flowing hydrocarbons via a more optimized horizontal open hole completion. The next step, an open-hole horizontal production test in the upper Huttenberg zone, is designed to establish a representative flow rate over a large, exposed reservoir section uninhibited by production casing, cement and perforations. An open-hole horizontal well is required to achieve maximum reservoir penetration and optimal fracture intersection, consistent with the natural fracture orientation observed in the reservoir. Formation imaging log (FMI) analysis from wells drilled through the Otavi reservoir indicates fracture density ranging from 1.0 to 12.7 fractures per metre (P90–P10), with fracture orientation running parallel to the fold structure. The current well design contemplates a horizontal lateral of up to 1,000 metres to optimally intersect these natural fracture swarms. Completing the well open hole, without casing or cement, is intended to maximize flow from fractures. These fractures have inclinations of 50-90 degrees, with most fractures being vertical, to near vertical. The horizontal well will be drilled perpendicular to the fracture orientation. Open fractures in analogue carbonate fields enhance permeability and often link matrix porosity with the reservoirs. The Jarvie-1 rig remains on location to drill the horizontal sidetrack laterals. To ensure the best possible outcome from the planned horizontal test, Reconnaissance Energy Africa Ltd. has procured two high pressure pumps, a swabbing unit and additional supporting equipment in the United States which is currently being shipped to site for the continuation of the production testing operation. Routine rig maintenance is currently being conducted as the Company awaits the delivery of equipment and receipt of necessary permit amendments before the resumption of drilling operations. Reconnaissance Energy Africa Ltd. has contracted H2OIL to conduct surface operations and provide additional surface equipment, including an appropriately sized separator unit. Halliburton will continue to provide downhole equipment and services. The Company continues to advance permitting and preparations of the Kavango West 2A (KW2A) appraisal well. Once the horizontal production test at KW1X is complete, the partners plan to move to drill a horizontal well and conduct an open hole horizontal production test at the KW2A appraisal well location to establish reservoir extent and communication. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment deteriorates as stock falls 43% After last week's 43% share price decline to kr29.24, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Oil and Gas industry in the United Kingdom. Negligible returns to shareholders over past three years. Reported Earnings • May 22
First quarter 2026 earnings released First quarter 2026 results: EPS: US$0.13. Revenue: US$172.7m (down 39% from 1Q 2025). Net income: US$32.6m (down 61% from 1Q 2025). Profit margin: 19% (down from 29% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Oil and Gas industry in the United Kingdom. お知らせ • Nov 20
BW Energy Provides Second Update on Kudu Appraisal Well BW Energy has completed drilling operations on the Kharas-1 appraisal well in the Kudu license area, offshore Namibia. The well reached a total depth of 5,100m and intersected multiple reservoir intervals. The well will now be plugged, and abandoned in line with the planned program. Several shallow turbidite reservoirs with dry-gas shows were encountered, and reservoir properties from these and the acquired whole core are now being evaluated. In the deeper section of the well, hydrocarbons were encountered in a fractured volcaniclastic reservoir. This confirms a working petroleum system with condensate and/or light oil. Further analysis is ongoing to determine the extent of the system and to characterise reservoir properties and appraisal options. お知らせ • Nov 01
BW Energy Announces Update on Kudu Appraisal Well BW Energy provided an update on the Kharas-1 appraisal well, which has reached total depth and drilled multiple formation present across the Kudu license. The well was strategically designed to intersect several targets within a single borehole. While this approach did not allow for individual optimisation of each formation, it provided valuable geological data across the broader petroleum system. Preliminary results are encouraging. Several intervals show indications of hydrocarbon presence and reservoir potential, suggesting a working petroleum system at Kharas. Early analysis indicates that the K1 interval may contain hydrocarbons wetter than dry gas. A hydrocarbon migration front has been observed, and wireline operations are underway to assess reservoir quality, fluid type, and pressure characteristics. A follow-up appraisal campaign will be required to evaluate the individual targets in greater detail. The outcome of the wireline program will guide decisions on the next well location and the future appraisal strategy. 
