CHAMWE KAIRA
Reconnaissance Energy Africa Ltd. (ReconAfrica) and the National Petroleum Corporation of Namibia (Namcor) have not yet finalised the transaction announced for September 22, 2022. ReconAfrica said discussions are ongoing.
The agreement involves ReconAfrica acquiring half of Namcor’s 10% carried participating interest in the 6.3 million-acre Petroleum Exploration Licence (PEL 73) in the Kavango Basin.
ReconAfrica also announced that Grayson Andersen has left the company to pursue new career opportunities. Mark Friesen has joined as Managing Director, Investor Relations and Capital Markets. He is based in Calgary and brings experience in energy finance and investor relations in the Canadian and US markets.
ReconAfrica is a Canadian oil and gas company exploring the Damara Fold Belt and Kavango Rift Basin across northeastern Namibia, southeastern Angola, and northwestern Botswana. It holds petroleum licences covering well over 13 million acres.
The company is preparing to drill its next well, Prospect I, located onshore Namibia in PEL 73. It is the largest exploration target ReconAfrica has drilled to date. The company said it is committed to minimising environmental disturbances and following international environmental and social practices across its projects.
ReconAfrica recently entered into a Memorandum of Understanding with Angola’s National Oil, Gas and Biofuels Agency (ANPG) for a joint exploration project in the Etosha-Okavango Basin in southeastern Angola. The project adds 5.2 million acres to the company’s asset base.
ReconAfrica holds an 80% working interest in the MOU area, while Sonangol holds 20%. ReconAfrica will have exclusive rights during the MOU term.
Under the agreement, the company will lead geological studies, conduct a regional oil and gas seep study, plan a 2D seismic programme, and perform geochemical analysis and sampling. These activities will take place over a 24-month period.
