Reconnaissance Energy Africa has made history as the first publicly traded oil and gas company on the Namibian Stock Exchange, alongside securing the First Renewal Exploration Period for its onshore PEL 001 license in Botswana. The company is actively advancing drilling at the Naingopo well and preparing for Namibia’s inaugural 3D seismic survey, set for 2025. These developments bolster its position as a prominent player in oil and gas exploration in Southern Africa.
Reconnaissance Energy Africa, under the leadership of CEO Brian Reinsborough, has made significant strides in its exploration endeavors following its historic listing on the Namibian Stock Exchange, becoming the first publicly traded oil and gas company in the region. The dual listing, represented by the ticker symbol “REC,” solidifies its position as the largest acreage holder among onshore oil and gas exploration companies in Namibia. The primary listing of ReconAfrica remains on the TSX-Venture Exchange to facilitate broad investor access. In conjunction with its recent listing, ReconAfrica has obtained approval for the First Renewal Exploration Period for its onshore PEL 001 license in Botswana, which encompasses approximately 1.9 million acres. This renewal, valid until 2028, obliges the company to conduct a series of comprehensive evaluations, including geotechnical assessments, vegetation mapping, and environmental impact assessments, contributing to Botswana’s petroleum exploration efforts. Furthermore, exploration activities have resumed at the Naingopo well, with drilling activities having progressed to 3,500 meters as of mid-October. The company is working towards reaching the target depth of 3,800 meters, with subsequent results anticipated following meticulous logging and analysis of prospective oil or natural gas samples. Additionally, ReconAfrica is preparing for a 3D seismic survey set to occur in Namibia at its PEL 73 license, scheduled for mid-2025. This survey intends to cover 500 kilometers and enhance geological comprehension of the Kavango Rift Basin.
Reconnaissance Energy Africa’s recent accomplishments signify an important development in the oil and gas sector of Namibia and Botswana. The dual listing on the Namibian Stock Exchange not only marks a historic moment for the company but also enhances its visibility and investment appeal within the region. The company’s PEL 001 license renewal in Botswana represents a commitment to sustainable exploration practices while contributing to local initiatives. The ongoing drilling and seismic survey preparations further emphasize its strategic exploration efforts in both countries.
In conclusion, Reconnaissance Energy Africa’s successful listing on the Namibian Stock Exchange and its renewed exploration license in Botswana highlight its commitment to expanding oil and gas exploration in Southern Africa. The company’s ongoing activities at the Naingopo well and future plans for advanced geological surveys position it for potential discoveries that could significantly impact the regional energy landscape. As such, ReconAfrica is poised to play a crucial role in the evolving oil and gas industry in Namibia and Botswana.
Original Source: ca.proactiveinvestors.com
