ReconAfrica Achieves Historic Dual Listing and Advancements in Exploration

ReconAfrica has achieved a historic dual listing on the Namibian Stock Exchange as the first publicly traded oil and gas company along with project advancements in Botswana. The company holds a significant exploration license in Botswana, has resumed drilling at the Naingopo well, and is set to conduct Namibia’s first onshore 3D seismic survey by 2025.

Reconnaissance Energy Africa (ReconAfrica) has made a significant milestone by becoming the first publicly traded oil and gas company listed on the Namibian Stock Exchange under the ticker symbol “REC.” This dual listing illustrates ReconAfrica’s role as the largest acreage holder in the oil and gas exploration sector onshore in Namibia, while its primary listing continues on the TSX-Venture Exchange, broadening investor access to its activities. In addition to its stock market achievements, ReconAfrica has received approval for the First Renewal Exploration Period for its onshore PEL 001 license in Botswana, which encompasses nearly 1.9 million acres and lasts until 2028. As part of this renewal, the company is obligated to conduct a variety of evaluations including geotechnical assessments, vegetation mapping, and environmental impact studies, thereby contributing to Botswana’s petroleum exploration and training efforts. Further developments at the Naingopo well are underway, with drilling operations having resumed mid-October, aiming for a target depth of 3,800 meters. Results pertaining to the investigation of oil or natural gas samples are anticipated following the completion and thorough analysis of the drilling process. ReconAfrica is also preparing to initiate Namibia’s first onshore 3D seismic survey, scheduled for mid-2025, covering an extensive area of 500 kilometers, which will aid in enhancing the geological understanding of the Kavango Rift Basin.

ReconAfrica is an oil and gas exploration and production company focused on onshore areas in Namibia and Botswana. The company holds substantial acreage rights and has been active in these regions as they explore and assess petroleum resources. The recent dual listing on the Namibian Stock Exchange marks a pivotal moment for ReconAfrica, showcasing its expanding influence in the region’s energy sector while making it historically significant as the first of its kind on this stock exchange. The exploration initiatives, especially in Botswana and Namibia, are geared towards comprehensive assessments and sustainable energy development in these promising geological areas.

In summary, ReconAfrica’s recent accomplishments signify a pivotal shift in the oil and gas exploration landscape in Namibia and Botswana. The company’s dual listing on the Namibian Stock Exchange, alongside its extensive exploration endeavors in Botswana, highlights its commitment to fostering growth in the region’s energy sector. As exploration progresses at both the Naingopo well and through the forthcoming seismic surveys, ReconAfrica is well positioned to contribute to local energy development while enhancing its operational footprint.

Original Source: www.proactiveinvestors.com