Reconnaissance Energy Africa has become the first publicly traded oil and gas company listed on the Namibian Stock Exchange, emphasizing its leadership in acreage holdings. The company received approval for the First Renewal Exploration Period for its PEL 001 license in Botswana and is advancing exploration at the Naingopo well while preparing for Namibia’s first onshore 3D seismic survey, set for mid-2025.
Reconnaissance Energy Africa, under the leadership of CEO Brian Reinsborough, has marked a significant milestone by becoming the first publicly traded oil and gas company to be listed on the Namibian Stock Exchange, operating under the ticker symbol “REC.” This dual listing not only exemplifies the company’s extensive operations as the largest acreage holder among publicly listed exploration firms in Namibia but also retains its primary listing on the TSX-Venture Exchange to support broader investor engagement. In addition to its historic listing, ReconAfrica has secured approval for the First Renewal Exploration Period of its PEL 001 license in Botswana, encompassing nearly 1.9 million acres and valid until 2028. This renewal necessitates the company to conduct comprehensive geological evaluations, environmental assessments, and contribute to Botswana’s training initiatives related to petroleum exploration. Currently, exploration activities are progressing at the Naingopo well, where drilling resumed in mid-October, having advanced to 3,500 meters. The objective is to reach a depth of 3,800 meters, with results anticipated after detailed logging and analysis of any oil or natural gas samples collected. Furthermore, ReconAfrica is preparing to launch Namibia’s first onshore 3D seismic survey at the PEL 73 license, slated for mid-2025. This acquisition will cover 500 kilometers, further elucidating the geological characteristics of the Kavango Rift Basin and facilitating continued exploration of this promising area.
Reconnaissance Energy Africa has been pivotal in advancing exploration efforts in Namibia and Botswana, focusing on leveraging its significant acreage holdings. The establishment of a dual listing on the Namibian Stock Exchange is a landmark achievement, showcasing the company’s strategic position in the oil and gas sector. The PEL 001 license renewal in Botswana serves as a critical phase, mandating rigorous evaluations to affirm the potential for hydrocarbons in the region. The company’s ongoing activities at the Naingopo well signify its commitment to uncovering natural resources while adhering to environmental stewardship and training local personnel.
The recent developments at Reconnaissance Energy Africa underscore its commitment to expansion and exploration within Namibia and Botswana. The dual listing on the Namibian Stock Exchange not only enhances its market presence but also reflects its significant operational footprint. As exploration at the Naingopo well continues and preparations for the pioneering 3D seismic survey progress, the company positions itself strategically for future growth in the oil and gas industry.
Original Source: ca.proactiveinvestors.com
