08:23 AM EDT, 04/10/2025 (MT Newswires) -- Reconnaissance Energy Africa ( RECAF ) said Thursday it is advancing work to conduct drilling on Prospect I located onshore Namibia.

The company said it is continuing pre-construction activities on schedule and the pre-drill evaluation is complete. It is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or 1.9 trillion cubic feet of unrisked and 140 billion cubic feet of risked prospective natural gas resources, on a 100% working interest basis.

"We are excited to be making great progress ahead of drilling one of the company's largest and most attractive prospects," President and CEO Brian Reinsborough said. "We remain on track to spud the well this quarter and are looking forward to unlocking the significant potential of the Damara Fold Belt."

The company's share price gained 8.3% on Wednesday to $0.52 on the TSXV.