ReconAfrica has become the first publicly traded oil and gas company listed on the Namibian Stock Exchange under the symbol “REC.” The company has also secured a renewal for its PEL 001 license in Botswana and is advancing exploration at the Naingopo well. Plans for Namibia’s first onshore 3D seismic survey are set for mid-2025, emphasizing the company’s commitment to enhancing geological understanding and exploration efforts in the region.
Reconnaissance Energy Africa (ReconAfrica) has made a significant stride in the oil and gas industry by becoming the first publicly traded company listed on the Namibian Stock Exchange under the symbol “REC.” This dual listing underscores ReconAfrica’s position as the largest acreage holder among publicly traded exploration firms active in Namibia. The primary listing continues to be on the TSX-Venture Exchange, which broadens the investor base substantially. In addition to its listing, ReconAfrica has been granted approval for the First Renewal Exploration Period for its onshore PEL 001 license in Botswana, covering approximately 1.9 million acres. This renewal, effective until 2028, necessitates a variety of studies including geotechnical evaluations and environmental impact assessments, as well as participation in Botswana’s petroleum exploration and training initiatives. Exploration efforts are making headway at the Naingopo well, where drilling resumed in mid-October, achieving a depth of 3,500 meters. The company anticipates reaching a target depth of 3,800 meters, with results promised after comprehensive logging and analyses regarding oil or natural gas samples. Furthermore, preparations are underway for Namibia’s first onshore 3D seismic survey at the PEL 73 license, scheduled for mid-2025, which aims to cover 500 kilometers and bolster the geological insights of the Kavango Rift Basin.
ReconAfrica’s recent dual listing on the Namibian Stock Exchange marks a crucial milestone in the oil and gas exploration sector. As the leading acreage holder, the company is solidifying its market presence amidst growing exploration activities in Namibia and Botswana. The company’s PEL 001 license in Botswana is vital for advancing petroleum exploration and local training, aligning with broader initiatives in the region. Understanding the geological landscape is further augmented by the upcoming 3D seismic survey, poised to enhance the prospect of future discoveries.
In conclusion, ReconAfrica is positioning itself as a key player in the oil and gas exploration sector through its historic listing on the Namibian Stock Exchange and robust exploration strategies in Botswana. The dual listing and license renewal reflect the company’s commitment to sustainable practices and local development. As exploration activities progress, particularly at the Naingopo well and PEL 73, the insights gained may lead to significant advancements in the understanding and extraction of resources from these regions.
Original Source: www.proactiveinvestors.com
