Namibia: Oil company stock price surges on back of gas resource report

A frontier onshore play being chased in Namibia by Vancouver-based junior ReconAfrica could host up to 14.5 trillion cubic feet of recoverable gas, according to a resource assessment of the area carried out by a well-known reservoir specialist.

ReconAfrica’s share price in Toronto surged by almost 16% on publication of the report, hitting C$1.39 (US$1.06) at the time of publishing.

The Toronto and Frankfurt-listed player has drilled some wells — sometimes describing them as stratigraphic wells and at other times exploration wells – on its acreage in the frontier Kavango basin in northeast Namibia, the results of which show the area may host oil and gas, while also acquiring 2D seismic data.