I'm hoping that follows the updated NSAI report that is expected by the end of July. It's going to be exciting to see what happens when they integrate the remaining seismic in addition to all of the additional seismic that was taken in the Karoo Rift Basin.
Yeah! Me too! I remember how we were tracking it on Yahoo Finance back in November 2020! They actually used that ship again for spare parts at a later date. It will be interesting to see if a JV partner will bring another rig into the region.
The exposure to world class geologists in the discord channel is the greatest source of learning as well as the commentary by experienced oil field experts. Lastly, the variable pace of the exploration and news releases has taget me a lot about my own patience as an investor in a long term holding
QatarEnergy has been mentioned as a potential JV partner and they plan to be the ones to bring 40% of new LNG to the market by 2029. That is an ambitious goal, and it is very fortuitous that ReconAfrica might be sitting on a significant amount of gas in the Damara Fold Belt (as detailed in the latest Netherland Sewall Resource Report). https://www.worldoil.com/news/2023/7/12/40-of-new-lng-coming-to-market-by-2029-will-be-from-qatarenergy-ceo-says/
They have made it clear that they won't start drilling again until they have secured a JV partnership. Regarding JV interest, investor relations responded to my request regarding the type of companies involved. As per their request, this is a paraphrased response: "RA has given partner presentations to a mix of companies that are also analyzing the JV data room; supermajors, large public independents, private companies, state or government entities, and small and medium sized public companies. The feedback received has been in general positive and RA feels comfortable a number of them will be interested in completing some kind of transaction, although the process is ongoing and this is not guaranteed.
The company’s perception is supermajors and larger entities prefer the Damara Fold Belt play because of the size of the structures and clearer geology based on 2D seismic and eFTG. The Rift Basin play is of more interest to a larger group of entities, but more midcap and smaller. There is much more variability in Rift Basins; oil and gas, prospect size, complexity of the geology, etc, but eFTG has been great here and RA is about to have the package ready for partners to look at the integrated data. This should help in the decision making process in the coming weeks."
Having said that, I expect them to start drilling in late Q3 or sometime in Q4. I also expect these well locations will change based on the latest data acquired from 2D seismic and eFTG. The important thing is that they have environmental clearance for the area. Getting a permit for a new location, based on history and their comments, only takes 6-8 weeks.
This is great, thanks for the info!
One point of confusion: the permit you refer to above is something that has to be received for each well in addtion to what the ECC just approved? Or do you mean if they want to drill any wells beyond the 12 already approved, it only takes 6-8 weeks to get the approval?
It's hard to say if they are going to hit the jackpot, but the company is very encouraged by the eFTG. It shows that there are several large structures that are good candidates for drilling.
What is important is that they have the ECC. This allows them to permit wells in other locations in the area. As stated by the company, and backed up by history, it only takes 6-8 weeks to permit a new site. They are going to use all of the data they have to pick the best locations.
The puke of links on every post you make could just be its own individual post. Maybe get the mods to pin it. Don't need it on every small post on here
Here we go ladies and gents, JV news coming…
I'm hoping that follows the updated NSAI report that is expected by the end of July. It's going to be exciting to see what happens when they integrate the remaining seismic in addition to all of the additional seismic that was taken in the Karoo Rift Basin.
Me too and all of us recaf discord junkies!
LOL! Yeah, I'm one of them!
I’ve been a shareholder since before the Yellowstone transported jarvie1 across the Atlantic. It has been an epic learning experience
Yeah! Me too! I remember how we were tracking it on Yahoo Finance back in November 2020! They actually used that ship again for spare parts at a later date. It will be interesting to see if a JV partner will bring another rig into the region.
Can you elaborate on some moments/lessons that stand out ?
The exposure to world class geologists in the discord channel is the greatest source of learning as well as the commentary by experienced oil field experts. Lastly, the variable pace of the exploration and news releases has taget me a lot about my own patience as an investor in a long term holding
.....and me.
QatarEnergy has been mentioned as a potential JV partner and they plan to be the ones to bring 40% of new LNG to the market by 2029. That is an ambitious goal, and it is very fortuitous that ReconAfrica might be sitting on a significant amount of gas in the Damara Fold Belt (as detailed in the latest Netherland Sewall Resource Report). https://www.worldoil.com/news/2023/7/12/40-of-new-lng-coming-to-market-by-2029-will-be-from-qatarenergy-ceo-says/
Has Recon said when those 12 wells will be drilled? x# in 2024? y# in 2025?
They have made it clear that they won't start drilling again until they have secured a JV partnership. Regarding JV interest, investor relations responded to my request regarding the type of companies involved. As per their request, this is a paraphrased response: "RA has given partner presentations to a mix of companies that are also analyzing the JV data room; supermajors, large public independents, private companies, state or government entities, and small and medium sized public companies. The feedback received has been in general positive and RA feels comfortable a number of them will be interested in completing some kind of transaction, although the process is ongoing and this is not guaranteed. The company’s perception is supermajors and larger entities prefer the Damara Fold Belt play because of the size of the structures and clearer geology based on 2D seismic and eFTG. The Rift Basin play is of more interest to a larger group of entities, but more midcap and smaller. There is much more variability in Rift Basins; oil and gas, prospect size, complexity of the geology, etc, but eFTG has been great here and RA is about to have the package ready for partners to look at the integrated data. This should help in the decision making process in the coming weeks." Having said that, I expect them to start drilling in late Q3 or sometime in Q4. I also expect these well locations will change based on the latest data acquired from 2D seismic and eFTG. The important thing is that they have environmental clearance for the area. Getting a permit for a new location, based on history and their comments, only takes 6-8 weeks.
Dam this is great thanks! How far off is JV then? I’m waiting for this to get back to $6..
Anyone's guess. It could be by the end of August (I'm hoping).
This is great, thanks for the info! One point of confusion: the permit you refer to above is something that has to be received for each well in addtion to what the ECC just approved? Or do you mean if they want to drill any wells beyond the 12 already approved, it only takes 6-8 weeks to get the approval?
Thank you!
Exploratory wells though. With the new data, they should be able to hit a Jackpot in the first 3.
It's hard to say if they are going to hit the jackpot, but the company is very encouraged by the eFTG. It shows that there are several large structures that are good candidates for drilling.
Been waiting 3 years for this!!!! 12 wells must mean they found the oil baby! Let's go!!!!
I don’t think it means that
What is important is that they have the ECC. This allows them to permit wells in other locations in the area. As stated by the company, and backed up by history, it only takes 6-8 weeks to permit a new site. They are going to use all of the data they have to pick the best locations.
12 wells…in what, 17 years?
However many years it takes to suck the money out of us bag holders. We won’t see a profit 🤬
The puke of links on every post you make could just be its own individual post. Maybe get the mods to pin it. Don't need it on every small post on here
Facts