) acquisition of the rights to Namibia’s giant, 6.3-million-acre Kavango Basin, which was followed in short order by two confirmations of an active petroleum system.
It’s captured our attention for several reasons; not the least of which is that onshore discoveries are pretty much a thing of the past, except in the final frontier of Africa, where Namibia which has never produced a barrel in its history is anxiously awaiting the possibility of its day in the energy spotlight.
It’s also captured our attention because this is a junior explorer who is sitting on what we think is a supermajor-size basin, and it’s fully-funded for its current 3-test well drill campaign.
Nothing Can Stop Namibia s Incredible Oil Boom
prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Nothing Can Stop Namibia s Incredible Oil Boom
prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Will Africa Be the Last Oil Frontier?
A major struggle over resources is unfolding in southern Africa. In the wildlife preserves of the Okavango Delta home to 200,000 people and spanning parts of Namibia and Botswana a Canadian oil company is drilling for oil over the fierce opposition of indigenous people, activists and environmental experts. The company, Reconnaissance Energy Africa known as ReconAfrica has a plan objectionable to virtually everyone except its investors and Namibian and Botswanan government partners who have granted permits for exploratory tests: it promises to unleash untold levels of pollution, destruction of water supplies and farmland, permanent harm to animals including endangered species and the eviction of residents from their land. ReconAfrica’s rush for what they are calling “largest oil play of the decade” is nothing short of devastating, profit-fueled extraction, with strong echoes of Africa’s colonial past.