ReconAfrica Strikes Oil Shows in Namibia, Shares Jump 50%

Reconnaissance Energy Africa (ReconAfrica) shares surged more than 50% on Tuesday after the company announced its Kavango West 1X exploration well in northeastern Namibia encountered significant hydrocarbon pay zones. The well, drilled on Petroleum Exploration Licence (PEL) 73, has delivered the most encouraging data to date for the company’s onshore Damara Fold Belt play. According to ReconAfrica, the well penetrated roughly 400 metres (1,300 feet) of gross hydrocarbon-bearing section in the Otavi reserv ...