ReconAfrica has become the first publicly traded oil and gas company listed on the Namibian Stock Exchange as “REC.” The company has also secured the renewal of its exploration license in Botswana, requiring comprehensive environmental studies. Drilling operations are ongoing at the Naingopo well, with plans for Namibia’s first onshore 3D seismic survey scheduled for 2025.
Reconnaissance Energy Africa has made a significant milestone by becoming the first publicly traded oil and gas company listed on the Namibian Stock Exchange. CEO Brian Reinsborough stated that this dual listing, under the symbol “REC,” underscores the company’s major presence in the region as it holds the largest acreage among publicly traded oil and gas firms operating onshore in Namibia. The company’s primary listing remains on the TSX-Venture Exchange, facilitating wider access to investors. In addition to this achievement, ReconAfrica has secured approval for the First Renewal Exploration Period for its PEL 001 license in Botswana, which encompasses nearly 1.9 million acres. This renewal, valid until 2028, requires the company to conduct comprehensive evaluations including geotechnical assessments, vegetation mapping, water studies, detecting methane seepages, and performing environmental impact assessments. The venture is also aligned with Botswana’s efforts to enhance petroleum exploration and training. Exploratory operations are progressing at the Naingopo well, where drilling commenced again in mid-October, having reached a depth of 3,500 meters. The objective is to reach a total depth of 3,800 meters, with results anticipated following the completion of drilling and subsequent analyses of potential oil or natural gas samples. Furthermore, ReconAfrica is preparing to initiate Namibia’s first onshore 3D seismic survey at its PEL 73 license, scheduled for mid-2025. This survey, spanning 500 kilometers, aims to deepen the geological understanding of the Kavango Rift Basin, positioning ReconAfrica to enhance its exploratory efforts in this resource-rich area.
Reconnaissance Energy Africa (ReconAfrica) is focused on oil and gas exploration in southern Africa, particularly in Namibia and Botswana. The company has made a strategic move by securing its dual listing on the Namibian Stock Exchange, thereby making history as the first of its kind in the region. Its operations are significant, as ReconAfrica holds extensive licenses for exploration, reflecting its commitment to expanding its presence in the oil and gas sector while adhering to environmental standards and contributing to local economic development through training and exploration initiatives.
In summary, ReconAfrica’s dual listing on the Namibian Stock Exchange marks a historic achievement in the oil and gas industry, reinforcing its status as a major player in the region. The company is excellently positioned for continued growth through its extensive exploration activities in both Namibia and Botswana, aided by required regulatory approvals for its operations. The effective combination of geological exploration and adherence to compliance underscores ReconAfrica’s commitment to sustainable resource management and community engagement.
Original Source: ca.proactiveinvestors.com
