Reconnaissance Energy Africa has become the first publicly traded oil and gas company to be listed on the Namibian Stock Exchange, trading under the symbol “REC.” The company has also received approval for a renewed exploration license in Botswana and is actively advancing drilling at the Naingopo well, alongside planning the first 3D seismic survey in Namibia for mid-2025.
Reconnaissance Energy Africa has made a significant advancement in its operational scope by becoming the inaugural publicly traded oil and gas company listed on the Namibian Stock Exchange. Under the symbol “REC,” this dual listing underscores the company’s substantial presence as the dominant acreage holder among publicly traded oil and gas exploration entities operating in Namibia. Although this represents a major milestone, the company continues to maintain its primary listing on the TSX-Venture Exchange, ensuring wider access for investors. In conjunction with this achievement, ReconAfrica has also received approval for the First Renewal Exploration Period for its onshore PEL 001 license in Botswana. This license, which spans nearly 1.9 million acres, has been renewed until 2028. The renewal stipulates that ReconAfrica will conduct comprehensive studies, including geotechnical evaluations, vegetation mapping, water resource assessments, and methane seep detection, alongside contributing to Botswana’s initiatives in petroleum exploration and training. Exploratory efforts at the Naingopo well are progressing, with drilling activities having recommenced in mid-October, reaching depths of 3,500 meters. The company has set a target depth of 3,800 meters, with anticipated results to be published once thorough logging and analysis of oil or natural gas samples conclude. Additionally, preparations are underway for Namibia’s first onshore 3D seismic survey at the PEL 73 license, scheduled for mid-2025. This seismic survey, which will cover 500 kilometers, aims to enhance the geological comprehension of the Kavango Rift Basin, positioning ReconAfrica for further exploration in this potentially lucrative region.
Reconnaissance Energy Africa represents a pioneering entity in the oil and gas sector, particularly in Namibia and Botswana. Its dual listing on the Namibian Stock Exchange marks an important step as it highlights the company’s leadership in exploration activities. The significant acreage under its control, along with the regulatory approval for its exploration license, provides a strong foundation for its ongoing operations. The company is dedicated to advancing oil and gas exploration while simultaneously addressing environmental considerations and contributing to local economic initiatives, enhancing its reputation and operational capacity in the region.
In summary, Reconnaissance Energy Africa is positioned to leverage its historic listing on the Namibian Stock Exchange while continuing significant exploration endeavors in Botswana and Namibia. The dual listing and renewed exploration licenses are strategic moves to solidify the company’s footprint in the oil and gas industry. Moreover, the ongoing drilling at the Naingopo well and the upcoming 3D seismic survey in Namibia are expected to further enhance the company’s prospects and insights into the Kavango Rift Basin’s geological potential.
Original Source: www.proactiveinvestors.com
