ReconAfrica has become the first publicly traded oil and gas firm on the Namibian Stock Exchange with the symbol “REC.” The company received license renewal for exploration in Botswana and is advancing drilling at the Naingopo well. Preparations for Namibia’s first onshore 3D seismic survey are underway, scheduled for mid-2025, to improve geological understanding of the Kavango Rift Basin.
Reconnaissance Energy Africa (ReconAfrica) has made historical advancements by becoming the first publicly traded oil and gas company listed on the Namibian Stock Exchange, with the trading symbol “REC.” This dual listing signifies the company’s commanding position as the largest acreage holder among publicly traded exploration firms in Namibia, while it continues to maintain its primary listing on the TSX-Venture Exchange, thus ensuring extensive access for investors. In addition to its dual listing, ReconAfrica has secured approval for the First Renewal Exploration Period for its onshore PEL 001 license in Botswana, encompassing nearly 1.9 million acres. This renewal, which extends until 2028, obligates the company to conduct a comprehensive series of geotechnical evaluations, water studies, environmental assessments, and participate in Botswana’s petroleum exploration and training endeavors. The company is progressing with exploration activities at the Naingopo well, where drilling operations recommenced in mid-October, reaching a depth of 3,500 meters. ReconAfrica is poised to achieve a target depth of 3,800 meters, with anticipated results following completion and detailed analysis of oil or natural gas samples obtained. Furthermore, preparations are underway for the inaugural onshore 3D seismic survey in Namibia, to be conducted at its PEL 73 license, set for mid-2025. This 3D seismic survey will span 500 kilometers, aiming to enhance geological insights of the Kavango Rift Basin and facilitate further exploration in this region.
The oil and gas sector is vital for many economies, and companies like ReconAfrica play a significant role in developing energy resources in emerging markets. Recent movements within the sector indicate a trend towards dual listings, providing greater access to international investors. Namibia and Botswana have increasingly become focal points for exploration activities due to their untapped hydrocarbon potentials. ReconAfrica’s achievements signify not only its growth but also its commitment to responsible and sustainable exploration practices.
In summary, ReconAfrica’s listing on the Namibian Stock Exchange marks a significant milestone in the company’s journey, reinforcing its status in the exploration sector for oil and gas. The company’s ongoing renewal of license in Botswana and its advanced drilling operations at Naingopo underline its proactive approach to resource development. The anticipated 3D seismic survey in Namibia further emphasizes the company’s strategic commitment to enhancing its exploration capabilities and understanding of regional geology.
Original Source: ca.proactiveinvestors.com
