ReconAfrica announced yesterday that it encountered hydrocarbon pay at the Kavango West 1X (KW1X) exploration well on Block PEL 73, onshore Namibia. This was taken positively by the market, with ReconAfrica shares up 38% or adding US$45mm in market cap. The well encountered ~400m of gross hydrocarbon section and 64m of net pay, with further oil and gas shows in deeper naturally fractured carbonates. These data materially upgrade geological confidence in the Damara Fold Belt play. The logs alone ....
