ReconAfrica has become the first publicly traded oil and gas company listed on the Namibian Stock Exchange, emphasizing its large acreage and broad investor access. The company has also renewed its exploration license in Botswana, covering 1.9 million acres until 2028, and resumed drilling operations at the Naingopo well while preparing for an onshore 3D seismic survey in Namibia.
Reconnaissance Energy Africa (ReconAfrica) has made a significant stride in its exploration endeavors by becoming the first publicly traded oil and gas company listed on the Namibian Stock Exchange, under the symbol “REC.” This dual listing reinforces its status as the largest landholder among public exploration firms operating onshore in Namibia, complementing its primary listing on the TSX-Venture Exchange. The company aims to enhance investor access through this strategic move. Furthermore, ReconAfrica has received approval for the First Renewal Exploration Period of its onshore Petroleum Exploration License (PEL) 001 in Botswana. This vast area, encompassing nearly 1.9 million acres, has undergone renewal until 2028. The license renewal stipulates comprehensive geotechnical evaluations, environmental assessments, and contributions to Botswana’s petroleum exploration education initiatives. Currently, at the Naingopo well, drilling operations have resumed, reaching a depth of 3,500 meters, with a target of 3,800 meters. The company anticipates gathering results after the completion and subsequent analysis of oil or natural gas samples. Additionally, preparations are underway for Namibia’s inaugural onshore 3D seismic survey slated for mid-2025, which will cover 500 kilometers and enhance geological understanding of the Kavango Rift Basin, thus facilitating further exploration efforts in this promising region.
The exploration of oil and gas in southern Africa has gained significant attention due to the potential for energy production and economic development. ReconAfrica’s recent activities highlight a step towards increasing investment opportunities in Namibia and Botswana, nations known for their unexplored geological territories. The company’s dual listing on the Namibian Stock Exchange marks a notable achievement within the industry, as it opens new channels for capital raising and amplifies its presence in the resource-rich region. Moreover, the strategic renewal of licenses and commitment to extensive evaluations underscore the company’s dedication to responsible exploration practices and community development through training initiatives.
In summary, ReconAfrica’s historic listing on the Namibian Stock Exchange demonstrates its increasing influence in the oil and gas sector while securing its largest landholdings. The company’s exploratory advancements in Botswana, including a vital license renewal and ongoing drilling operations, are indicative of its ambitious plans to harness the region’s potential energy resources. As it prepares for a significant 3D seismic survey, ReconAfrica continues to position itself for future discovery and development initiatives, reinforcing its commitment to both economic and environmental responsibilities.
Original Source: www.proactiveinvestors.com
