ReconAfrica has made history as the first publicly traded oil and gas company listed on the Namibian Stock Exchange, symbolized as “REC.” The company also secured the First Renewal Exploration Period for its onshore PEL 001 license in Botswana, covering nearly 1.9 million acres. With ongoing drilling at the Naingopo well and plans for Namibia’s first 3D seismic survey, ReconAfrica is advancing its exploration efforts in the region.
Reconnaissance Energy Africa (ReconAfrica), under the leadership of CEO Brian Reinsborough, has achieved a significant milestone as the first publicly traded oil and gas company listed on the Namibian Stock Exchange, symbolized as “REC”. This dual listing, which complements their primary listing on the TSX-Venture Exchange, underscores their position as the largest acreage holder among publicly traded companies in this sector operating onshore in Namibia. The company intends to broaden its accessibility to investors through this strategic move. Additionally, ReconAfrica has secured approval for the First Renewal Exploration Period for its onshore PEL 001 license in Botswana. This extensive license, encompassing nearly 1.9 million acres and valid until 2028, obliges ReconAfrica to conduct a range of geological and environmental studies. These include geotechnical evaluations, vegetation mapping, water studies, methane seep detection, and environmental impact assessments, all contributing to Botswana’s petroleum exploration and educational initiatives. Current exploration activities at the Naingopo well have seen drilling recommenced, reaching a depth of 3,500 meters as of mid-October. The company targets a total depth of 3,800 meters, with results anticipated after the completion and careful logging of samples for hydrocarbons. Furthermore, ReconAfrica is preparing for Namibia’s inaugural onshore 3D seismic survey at the PEL 73 license, scheduled for mid-2025. This extensive survey aims to cover 500 kilometers and will enhance the geological understanding of the Kavango Rift Basin, positioning ReconAfrica for further explorations in this promising region.
Reconnaissance Energy Africa is actively engaged in oil and gas exploration primarily in Namibia and Botswana. The company has established a notable presence in these countries by securing significant acreage as an exploration license holder. The Namibian Stock Exchange listing marks a pivotal moment in the company’s trajectory, as it emphasizes their growth and commitment to expanding their operations and engaging with a broader array of investors. The ongoing exploratory activities, particularly in Botswana, are crucial for assessing the potential of hydrocarbon resources and contributing to local economic development.
In summary, ReconAfrica’s recent accomplishments, including its historic listing on the Namibian Stock Exchange and the approval for further exploration in Botswana, highlight the company’s strategic growth in the oil and gas sector. As their exploration initiatives at the Naingopo well and preparation for seismic surveys advance, ReconAfrica aims to enhance its understanding of the geological potential in the Kavango Rift Basin, ultimately positioning itself for future success in hydrocarbon discovery.
Original Source: www.proactiveinvestors.com
