Home Financial Markets Penny Stocks Here is the latest update on Reconnaissance Energy Africa Ltd. (OTCQX: RECAF)...

Here is the latest update on Reconnaissance Energy Africa Ltd. (OTCQX: RECAF) stock

Reconnaissance Energy Africa Ltd. (OTCQX: RECAF) stock was up 20.20% to $3.2454 on Friday’s close.

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Reconnaissance Energy Africa Ltd. (OTCQX: RECAF) is a junior oil and gas company that explores and develops hydrocarbon properties in Namibia. It holds a 90% stake in a petroleum exploration license covering approximately 25,341.33 square kilometers located in Namibia. Vancouver, Canada, is the headquarters of the Company.

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What is the latest update…

Reconnaissance Energy Africa Ltd. (OTCQX: RECAF)  announced on Monday, January 18, 2021, set to start the permitting process for 450 kilometers of 2D seismic data in the deep Kavango Basin in the Kalahari Desert of North East Namibia. A contract is in place with Polaris Natural Resources Inc, located in Calgary, Alberta, Canada, to execute the program.

Project Operation

Polaris Natural Resources Inc, Canada’s largest seismic company, has been contracted by ReconAfrica to provide acquisition services for its first 2D seismic program after a competitive bid process. Polaris has completed more than 1,000 seismic surveys since 1996, and the first ‘low impact seismic crew’ was deployed in Africa in 2008. Polaris Explorer 860 represents the most environmentally-friendly seismic energy source in the world. More than 15 projects in East Africa have used this technology with great success, and it has been well accepted by the communities they have served. The newest and tiniest wireless recording receivers or nodes will be used with this source.

450 km of 2D seismic will be collected, processed, and interpreted by the Company to tie its active three-well drilling program. An existing road and rail network will be used for the seismic survey. The process of conducting an Environmental Impact Assessment for this project has begun with the posting of public sessions.

Community Vow

Polaris corporate goals align with ReconAfrica’s strong commitment to community employment by implementing an 85 percent local content policy on all of its operations regarding work, supplies, and consumables.

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The ReconAfrica Foundation has now proposed three OK locations within the community that can provide safe drinking water to the most vulnerable community members. A local contractor, Aqua Drilling, was engaged by the Company to commence drilling the first of these three wells in the next few days.

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