ReconAfrica, a Canadian company, finds oil in the Naingopo onshore well

The chief executive of Canada's Reconnaissance Energy Africa, ReconAfrica, said that the company has discovered oil in its Naingopo exploration well on land and plans to increase drilling in this region.

ReconAfrica, which is drilling near the Okavango Delta, a sensitive area in Namibia, has been criticized by Namibian communities and environmentalists for years. However, the government has given its approval to continue. The company is authorized to drill several wells.

ReconAfrica CEO Brian Reinsborough stated in a press release that "we are excited about this well's results, which open the play and demonstrate a working petroleum systems within the Damara fold belt".

He said that it was important to find more than 50 metres of net oil reservoir in this well.

Namibia, a hotspot for exploration, has had a slight blip in this year's results after Shell stopped field development, deeming them unprofitable. Chevron also failed to produce any commercial oil and gas from its first offshore well, located in the Orange Basin.

Reinsborough stated that multiple indications of oil will be further analysed in the Naingopo Well. Based on the technical data, the company plans to dig another well, Prospect 1 ahead of its Kambundu Well.

ReconAfrica, the operator of PEL73, holds 70%. BW Energy from Norway has 20%. Namcor is Namibia's national oil firm with 10%. (Reporting and editing by Andrea Ricci; Wendell Roelf)

(source: Reuters)