Chamwe Kaira
Reconnaissance Energy Africa Ltd has filed its annual disclosure documents for the nine-month period ending 31 December 2024.
The company holds interests in exploration prospects under Petroleum Exploration Licence 73 in the Kavango Basin, Namibia. It is focused on the Damara Fold Belt and Kavango Rift Basin, covering parts of northeastern Namibia, southeastern Angola, and northwestern Botswana.
In April 2024, ReconAfrica raised US\$17.5 million through a bought deal public offering. In July 2024, it raised another US$38.8 million through an underwritten public offering.
In November 2024, the company completed drilling operations of the Naingopo exploration well. The results showed a working petroleum system in the Damara Fold Belt.
Later in 2024, ReconAfrica signed a farm-down agreement with BW Energy Ltd. The deal included a 20% working interest in Licence 73, a US$22 million equity investment to support a multi-well exploration program, and potential contingent payments of up to US$180 million. The agreement was approved in January 2025. The licence ownership now stands at 70% ReconAfrica, 20% BW Energy, and 10% Namcor.
“We completed our farm down transaction with BW Energy Ltd., which was a significant milestone for the company,” said Brian Reinsborough, President and CEO of ReconAfrica.
The company also released its first sustainability report in 2024.
“We drilled our first Damara Fold Belt well safely and without incident,” said Reinsborough. “The Naingopo exploration well demonstrated the liquid hydrocarbon potential of the Damara Fold Belt.”
ReconAfrica is now preparing to drill Prospect I, expected to spud later this quarter.
“I am excited about Prospect I as this is the best risked exploration well drilled to date by the company,” Reinsborough said.
Prospect I targets 346 million barrels of unrisked prospective light/medium crude oil and 30 million barrels of risked prospective light/medium crude oil, both on a 100% working interest basis.
“We are looking forward to 2025 being another successful year with drilling our highly anticipated Prospect I and commencing our planned 3D seismic program in Namibia,” said Reinsborough.
