ReconAfrica Achieves Historic Dual Listing and Advances Exploration Initiatives
ReconAfrica has made history by becoming the first publicly traded oil and gas company on the Namibian Stock Exchange under the symbol “REC.” The company has also secured renewal of its exploration license in Botswana and resumed drilling operations. With plans for a significant 3D seismic survey in Namibia set for 2025, ReconAfrica is positioning itself for continued growth and exploration in the region.
Reconnaissance Energy Africa (ReconAfrica) has achieved a significant milestone in the energy sector by becoming the first publicly listed oil and gas company on the Namibian Stock Exchange. Chief Executive Officer Brian Reinsborough underscored the importance of this dual listing, denoted under the symbol “REC,” which reflects ReconAfrica’s prominence as the largest acreage holder among publicly traded oil and gas exploration firms operating onshore in Namibia. This move is expected to broaden investor access while maintaining ReconAfrica’s primary listing on the TSX-Venture Exchange. In addition to this historic listing, ReconAfrica has secured the First Renewal Exploration Period for its onshore PEL 001 license in Botswana. Spanning nearly 1.9 million acres, this renewal is valid until 2028, requiring the company to conduct extensive geotechnical evaluations and other vital assessments. These evaluations include vegetation mapping, water studies, methane seep detection, and environmental impact assessments, which contribute to Botswana’s ongoing petroleum exploration and training efforts. ReconAfrica is making progress at the Naingopo well, where drilling activities resumed in mid-October, reaching a depth of 3,500 meters. The company aims to achieve a target depth of 3,800 meters, with results anticipated following comprehensive logging and analysis of samples for oil or natural gas. Furthermore, preparations are underway for Namibia’s first onshore 3D seismic survey, set to occur at the PEL 73 license in mid-2025, covering a distance of 500 kilometers. This initiative is expected to enhance the geological understanding of the Kavango Rift Basin, paving the way for further exploration opportunities.
The oil and gas industry is witnessing increased interest in African exploration, particularly in regions such as Namibia and Botswana. ReconAfrica has positioned itself as a key player in this sector, holding significant land rights and licenses across these countries. The recent dual listing on the Namibian Stock Exchange marks a strategic move to attract investment and enhance visibility in a growing market where countries are actively seeking to develop their natural resources. The initiatives undertaken for exploration are critical not only for the company but also for the respective economies intrigued by the potential of their natural oil and gas reserves.
In summary, ReconAfrica’s recent achievements, including its historical dual listing and expedient exploration efforts in both Namibia and Botswana, symbolize a pivotal advancement in the company’s strategic objectives. The renewal of the exploration license in Botswana reinforces its commitment to thorough geological assessments and pending developments in the region, while tailored seismic surveys indicate a promising future for oil and gas exploration. These steps indicate a robust framework for potential growth and investment in the African energy landscape.
Original Source: ca.proactiveinvestors.com
