ReconAfrica well not commercially viable
Reconnaissance Energy Africa (ReconAfrica) has announced the results of its Makandina 8-2 Well in northeast Namibia’s remote Kavango basin, saying: “Although geologically a successful well, economic accumulations of hydrocarbons were not encountered, very likely due to the absence of a trap or a four-way dip closure.”
The reaction of various international oil and gas market websites put the announcement into perspective.
“Debut onshore wildcat flops as operator targets second probe,” the website upstream.com commented.
“Reconnaissance Energy Africa’s debut wildcat onshore Namibia has failed to find viable quatities of oil or gas, jarring its plan to find a partner to help fund future drilling operations,” Upstream said.
EnergyVoice.com said “ReconAfrica shares plunge as well disappoints”, adding: “As news broke of the failure, ReconAfrica’s stock fell. At the time of writing, the company is down 39%.”
Energy-pedia News also said “ReconAfrica's Makandina 8-2 well disappoints”.
The reaction of various international oil and gas market websites put the announcement into perspective.
“Debut onshore wildcat flops as operator targets second probe,” the website upstream.com commented.
“Reconnaissance Energy Africa’s debut wildcat onshore Namibia has failed to find viable quatities of oil or gas, jarring its plan to find a partner to help fund future drilling operations,” Upstream said.
EnergyVoice.com said “ReconAfrica shares plunge as well disappoints”, adding: “As news broke of the failure, ReconAfrica’s stock fell. At the time of writing, the company is down 39%.”
Energy-pedia News also said “ReconAfrica's Makandina 8-2 well disappoints”.
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