Core Insights - Equinor and Aker BP have made significant hydrocarbon discoveries at the Lofn and Langemann prospects in the Norwegian North Sea, marking their largest finds in the region for the year to date [2][3] Exploration Details - The exploration wells 15/5-8 S (Lofn) and 15/5-8 A (Langemann) were drilled at a water depth of 107m using the Deepsea Atlantic rig [1] - The Lofn prospect is estimated to hold between 3.5 and 10 million standard cubic metres of recoverable oil equivalent, translating to 22–63 million barrels of oil equivalent [2] - The Langemann prospect is estimated to contain 1–8 million standard cubic metres, or 6–50 million barrels of oil equivalent [2] Geological Findings - The Lofn well encountered gas and condensate-bearing sandstones with a thickness of 116m, including 36m of moderate-to-very good reservoir quality [4] - The Langemann well found 125m of gas and condensate-bearing sandstones with 31m of moderate-to-good reservoir quality [4] - Both wells also intersected intervals in the Skagerrak formation, with varying reservoir qualities [4][5] Future Development - Equinor and Aker BP plan to assess potential development options for the discoveries using existing infrastructure in the area [5] - The Deepsea Atlantic rig will move to the Sissel prospect for further exploration [5] Company Statements - Aker BP's CEO highlighted that the discoveries contribute to a strong exploration year, adding over 100 million barrels net to the company across three major discoveries [6]

Core Insights - Reconnaissance Energy Africa's shares surged over 50% following the announcement of significant hydrocarbon pay zones at the Kavango West 1X exploration well in northeastern Namibia [1] - The well encountered approximately 400 metres of gross hydrocarbon-bearing section, including 64 metres of net hydrocarbon pay, indicating strong potential for further exploration [2] - The drilling reached a total depth of 4,200 metres, confirming about 85 metres of net reservoir across multiple limestone units [3] Exploration Details - The well was temporarily abandoned and is scheduled for re-entry in Q1 2026 for a full production test, which will include a Tubing-Conveyed Perforating test targeting both the confirmed pay and deeper hydrocarbon shows [4] - CEO Brian Reinsborough described the results as a "success case" and emphasized the potential for the broader Damara Fold Belt, with the company holding a 70% operating interest in PEL 73 [5] Market Reaction - Following the positive update, ReconAfrica's shares increased by 31% in Toronto and 33% in U.S. over-the-counter markets [6]

Core Insights - Reconnaissance Energy Africa Ltd. has successfully drilled the Kavango West 1X well, encountering hydrocarbon pay in the Otavi reservoir section, which allows the company to proceed with a success case evaluation and production testing planned for the first quarter of 2026 [3][4][9] Well Details - The Kavango West 1X well reached a total depth of 4,200 metres (13,800 feet) and has been temporarily abandoned until testing equipment arrives [4] - Extensive wireline logging indicates approximately 85 metres (280 feet) of net reservoir with 64 metres (210 feet) of net hydrocarbon pay across a gross interval of approximately 400 metres (1,300 feet) [5][9] - An additional 61 metres (200 feet) of hydrocarbon shows were identified in deeper sections, where interpreted natural fractures may enhance hydrocarbon deliverability [9] Production Testing - A production test will be conducted using Tubing-Conveyed Perforations (TCP) to determine deliverability characteristics of the identified hydrocarbon pay and additional oil and gas shows [7] - The testing is anticipated to last approximately one month and will focus on the 64 metres of hydrocarbon pay and the additional 61 metres of oil and gas shows [7] Company Operations - ReconAfrica operates Petroleum Exploration Licence 73 with a 70% working interest, alongside partners BW Energy (20% WI) and NAMCOR (10% carried WI) [8] - The company is engaged in exploration activities in the Damara Fold Belt and Kavango Rift Basin, covering approximately 13 million contiguous acres [10]

Depth extended beyond original TD due to indications of hydrocarbons while drillingExtensive wireline logging planned CALGARY, Alberta, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) is pleased to provide a drilling update on the Kavango West 1X exploration well. Brian Reinsborough, President & CEO, commented “I want to thank everyone who is working on the Kavango West 1X exploration well. The well ...

Core Insights - TAG Oil Ltd. announced the results of an independent assessment of volumetric estimates for the Abu Roash "F" formation in the Southeast Ras Qattara concession, indicating significant potential for unconventional oil development [1][4][6] Group 1: Volumetric Estimates - The oil-initially-in-place (OIIP) estimates for the ARF formation are 3.2 billion barrels, covering an area of approximately 250 km² in the SERQ Concession [7] - The estimates are based on seismic and well control data from over 20 penetrations, with petrophysical analysis revealing porosity values between 5-10% and consistent thickness of 35-45 meters [7] - Maturity analysis suggests the ARF formation is in the early to mid-mature oil window, favorable for hydrocarbon generation [7] Group 2: Development Plans - TAG Oil has received approval for a petroleum services agreement to develop the ARF formation, allowing access to additional seismic and geological data [2] - The company plans to conduct detailed geochemical and geo-mechanical studies to validate volumetric estimates and assess production potential [2] - Future steps will focus on validating estimates through improved seismic interpretation and production testing to determine economic viability [4] Group 3: Technical Insights - Reservoir characteristics of the ARF formation are similar to those in the productive Badr Oil Field, although there is no certainty that results will be identical due to potential differences in reservoir quality and completion techniques [7] - Planned production tests and geological studies will help optimize well design and hydraulic fracture stimulation for effective resource recovery [7]

Core Insights - BW Energy has provided an update on the Kharas-1 appraisal well, which has reached total depth and drilled multiple formations within the Kudu license, yielding valuable geological data across the petroleum system [1][2] Group 1: Appraisal Well Update - The Kharas-1 well was designed to intersect several targets in a single borehole, which, while not allowing for individual optimization, provided significant geological insights [1] - Preliminary results from the well are encouraging, with several intervals indicating hydrocarbon presence and reservoir potential, suggesting a working petroleum system at Kharas [2] - Early analysis suggests that the K1 interval may contain hydrocarbons that are wetter than dry gas, and a hydrocarbon migration front has been observed [2] Group 2: Future Plans - Wireline operations are currently underway to assess reservoir quality, fluid type, and pressure characteristics, which will inform future decisions [2][3] - A follow-up appraisal campaign will be necessary to evaluate individual targets in greater detail, guided by the outcomes of the wireline program [3] Group 3: Company Overview - BW Energy is a growth E&P company focusing on proven offshore oil and gas reservoirs through low-risk phased developments, with access to existing production facilities [4] - The company holds significant interests in various fields, including a 73.5% interest in the Dussafu Marine license offshore Gabon and a 95% interest in the Kudu field in Namibia [4] - Total net 2P+2C reserves and resources were reported at 599 million barrels of oil equivalent at the start of 2025 [4]

Core Insights - Shell plc and BP p.l.c. have signed agreements with Libya's National Oil Corporation to assess hydrocarbon potential across three major oilfields, indicating a revival of foreign energy interest in Libya after years of instability [1][9] - Libya aims to attract global energy giants despite ongoing internal factional disputes and political instability [5][9] Group 1: Shell's Involvement - Shell has signed a memorandum with NOC to evaluate hydrocarbon prospects at the Atshan oilfield and other NOC-controlled areas, leading a full-scale technical and economic feasibility study for future development opportunities [2] - The company is focusing on assessing unconventional hydrocarbons, such as shale oil and gas, which require advanced extraction technologies [4] Group 2: BP's Strategy - BP plans to reopen its Tripoli office by the end of 2025, signaling a commitment to renewed exploration ambitions in Libya [3] - The company will conduct studies on the Messla and Sarir oilfields and nearby exploration areas to assess Libya's potential in unconventional hydrocarbons [4] - BP's original agreement with NOC dates back to 2007 but was suspended due to civil unrest; the force majeure was lifted in 2023, allowing onshore exploration to resume [8] Group 3: Libya's Oil Production Landscape - Libya, a member of OPEC, has faced significant fluctuations in oil production since the civil war, dropping from approximately 1.8 million barrels per day (bpd) in 2011 to around 100,000 bpd [6] - Recent production levels have stabilized between 1.2 million bpd and 1.3 million bpd, with a goal to increase output to 2 million bpd in the coming years [6][9] - Major international energy companies, including BP and Shell, have resumed drilling activities after a nearly decade-long halt, indicating a renewed push to revive Libya's energy sector [7]