ReconAfrica has become the first publicly traded oil and gas company listed on the Namibian Stock Exchange under the symbol “REC.” It has also received license renewal approval for its PEL 001 in Botswana, enabling extensive exploration activities. Drilling at the Naingopo well is ongoing, with a target depth of 3,800 meters, while preparations for Namibia’s first onshore 3D seismic survey are slated for mid-2025.
Reconnaissance Energy Africa has made a significant milestone by becoming the inaugural publicly traded oil and gas company on the Namibian Stock Exchange, trading under the symbol “REC.” This dual listing marks a notable achievement, reflecting the company’s status as the largest acreage holder among publicly listed oil and gas explorations in Namibia. The primary trading remains on the TSX-Venture Exchange, which broadens investor accessibility.
ReconAfrica is actively engaged in oil and gas exploration in both Namibia and Botswana, playing a crucial role in expanding the region’s energy sector. The company holds strategic licenses, including licenses in Botswana that cover nearly 1.9 million acres. The recent approval for the First Renewal Exploration Period for its PEL 001 license underscores the company’s commitment to comprehensive environmental assessments and geotechnical evaluations over the next few years.
In summary, ReconAfrica’s recent dual listing on the Namibian Stock Exchange represents a significant advancement in its operations and reflects its leading position in the industry. The ongoing exploration efforts in Botswana and upcoming seismic survey in Namibia underscore the company’s commitment to expanding its exploration activities and contributing to regional petroleum initiatives.
Original Source: www.proactiveinvestors.com
