ReconAfrica Achieves Milestone with Namibian Stock Listing and Exploration Advancements
ReconAfrica has made history as the first publicly traded oil and gas company on the Namibian Stock Exchange under the symbol “REC,” highlighting its significant acreage in onshore exploration. The company has renewed its exploration license in Botswana for nearly 1.9 million acres, requiring various assessments until 2028. Meanwhile, drilling at the Naingopo well is progressing, and the company is preparing for its first onshore 3D seismic survey in Namibia.
Reconnaissance Energy Africa (ReconAfrica) has achieved a significant milestone by becoming the first publicly traded oil and gas company listed on the Namibian Stock Exchange, trading under the symbol “REC.” This dual listing underlines the company’s substantial presence in the region, as it holds the largest acreage among publicly traded competitors in onshore oil and gas exploration in Namibia. ReconAfrica continues to maintain its primary listing on the TSX-Venture Exchange, providing broader access to investors. Furthermore, ReconAfrica has secured approval for the First Renewal Exploration Period concerning its PEL 001 onshore license in Botswana, which spans almost 1.9 million acres. This renewal is valid until 2028 and requires the company to conduct extensive assessments, including geotechnical evaluations, vegetation mapping, water studies, and environmental impact assessments. Additionally, ReconAfrica will contribute to Botswana’s petroleum exploration and training endeavors. The company has intensified its exploration activities at the Naingopo well, where drilling resumed in mid-October, reaching a depth of 3,500 meters. The targeted depth is 3,800 meters, with the results to be disclosed post-completion following comprehensive logging and analysis examining potential oil or natural gas deposits. Preparations are also underway for Namibia’s first onshore 3D seismic survey, set for mid-2025, which will cover 500 kilometers and enhance the understanding of the Kavango Rift Basin, a promising area for further exploration.
ReconAfrica is an energy exploration company that focuses on oil and gas opportunities in Africa, specifically in Namibia and Botswana. The company’s innovative approach to exploration has enabled it to secure vast acreage in these regions, signifying its intent to become a leading player in the African oil and gas sector. The company’s dual listing on the Namibian Stock Exchange not only enhances its visibility and credibility but also provides access to a broader range of investors interested in African energy development. The PEL 001 license in Botswana represents a strategic asset for ReconAfrica as it encompasses a significant amount of land with potential energy resources. The company’s commitment to various environmental and training initiatives signals its dedication to responsible exploration and collaboration with local communities and governments.
In summary, ReconAfrica has marked its entry into the Namibian financial market as the first publicly traded oil and gas company on the Namibian Stock Exchange. Its successful dual listing and the renewal of its exploration license in Botswana set a solid foundation for further exploration efforts, notably at the Naingopo well and through the upcoming 3D seismic survey in Namibia. These advancements underscore ReconAfrica’s strategy to enhance its operational footprint in Southern Africa’s energy sector while maintaining a commitment to responsible exploration practices and environmental stewardship.
Original Source: www.proactiveinvestors.com
