ReconAfrica has become the first publicly listed oil and gas company on the Namibian Stock Exchange, enhancing its exploration efforts in Botswana and advancing significant projects like the Naingopo well and an upcoming 3D seismic survey in Namibia.
Reconnaissance Energy Africa has achieved a significant milestone by becoming the first oil and gas company publicly traded on the Namibian Stock Exchange, listed under the ticker symbol “REC.” This critical dual listing underscores the company’s status as the leading acreage holder among publicly traded companies engaged in onshore oil and gas exploration in Namibia. The primary listing continues to be on the TSX-Venture Exchange, thereby ensuring wide accessibility for investors. In addition to this listing, ReconAfrica has received approval for the First Renewal Exploration Period for its onshore PEL 001 license in Botswana. This license, encompassing nearly 1.9 million acres, is valid until 2028 and requires the company to undertake comprehensive geotechnical evaluations, mapping, environmental studies, and to actively contribute to Botswana’s ongoing petroleum exploration efforts. Exploration activities at the Naingopo well are progressing, with drilling operations having resumed in mid-October and reaching a depth of 3,500 meters. The company aims to achieve a total depth of 3,800 meters, with the analysis and results anticipated following the completion of drilling and logging to assess geological samples for oil or natural gas. Furthermore, ReconAfrica is set to conduct Namibia’s inaugural onshore 3D seismic survey at its PEL 73 license, scheduled for mid-2025. This survey will cover 500 kilometers and will serve to improve the geological insights of the Kavango Rift Basin, thereby facilitating further exploration endeavors in this promising area.
Reconnaissance Energy Africa is at the forefront of oil and gas exploration in Namibia and Botswana, particularly acknowledged for holding significant acreage rights in these regions. The recent dual listing on the Namibian Stock Exchange marks a pivotal moment as it broadens investor involvement and reflects the company’s substantial role in the regional energy sector. The renewal of the PEL 001 license in Botswana reinforces its commitment to promoting responsible exploration, environmental considerations, and advancements in local petroleum training initiatives.
In conclusion, ReconAfrica’s dual listing on the Namibian Stock Exchange and the ongoing exploration activities in Botswana highlight the company’s strategic advancements in the oil and gas sector. With a focus on extensive evaluations and forthcoming geological surveys, ReconAfrica positions itself to further capitalize on the potential resources within these regions, fostering both economic growth and environmental stewardship.
Original Source: ca.proactiveinvestors.com
