ReconAfrica Achieves Historic Listing on Namibian Stock Exchange and Advances Exploration in Botswana and Namibia

ReconAfrica has become the first publicly traded oil and gas company listed on the Namibian Stock Exchange under the symbol “REC.” The company has secured a renewal for its PEL 001 license in Botswana, encompassing nearly 1.9 million acres. Exploration at the Naingopo well continues as drilling reaches 3,500 meters, with a target depth of 3,800 meters. Furthermore, preparations are underway for Namibia’s first onshore 3D seismic survey, set for mid-2025, to enhance the geological understanding of the Kavango Rift Basin.

Reconnaissance Energy Africa has achieved a significant milestone by becoming the first publicly traded oil and gas company listed on the Namibian Stock Exchange. The company, under the ticker symbol “REC,” underscores its prominent position as the largest acreage holder among its peers in Namibia. While the Namibian listing expands its visibility, the primary share listing remains on the TSX-Venture Exchange, facilitating broader investor outreach. In conjunction with its dual listing, ReconAfrica has secured the First Renewal Exploration Period for its onshore PEL 001 license in Botswana, encompassing nearly 1.9 million acres. This renewal is effective until 2028 and obliges the company to conduct comprehensive geological evaluations, including vegetation mapping, water studies, and environmental impact assessments. Furthermore, the exploration will support Botswana’s petroleum sector and its associated training programs. Exploration initiatives are progressing at the Naingopo well, where drilling has recommenced and reached a depth of 3,500 meters. The firm is targeting a final depth of 3,800 meters, with results anticipated after rigorous logging and analysis to assess potential oil or natural gas deposits. Additionally, ReconAfrica is preparing for Namibia’s inaugural onshore 3D seismic survey within its PEL 73 license, scheduled for mid-2025. This extensive survey, covering 500 kilometers, aims to deepen the geological insights into the Kavango Rift Basin, positioning ReconAfrica for subsequent exploration endeavors in this promising area.

The announcement regarding ReconAfrica’s listing on the Namibian Stock Exchange marks a historic moment for the company and the region. This development signifies notable progress within the African oil and gas sector, highlighting the increased investor interest in the region’s resource potential. The company holds substantial acreage in Namibia and Botswana, with exploration initiatives aimed at advancing the understanding and utilization of these resources. This strategic positioning coupled with compliance to environmental responsibilities illustrates ReconAfrica’s commitment to sustainable development in the regions where it operates.

ReconAfrica’s dual listing on the Namibian Stock Exchange and its continued exploration initiatives in Botswana illuminate the company’s strategic advancements in the African oil and gas sector. By securing extensive licensing agreements and committing to environmental assessments, the company demonstrates its dedication to sustainable exploration practices. The ongoing drilling at the Naingopo well and preparations for significant seismic surveys further reflect ReconAfrica’s proactive approach in uncovering the region’s hydrocarbon potential.

Original Source: ca.proactiveinvestors.com