Latest news with #BrianReinsborough
Yahoo
6 hours ago
- Business
- Yahoo
ReconAfrica Announces C$10 Million Overnight Marketed Offering, Led by over C$4 Million in Lead Orders, Including Strategic Investment from BW Energy, to Drill Prospect I in Namibia with Rig Mobilization in June 2025
The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within two business days, through SEDAR+ Calgary, Alberta--(Newsfile Corp. - June 4, 2025) - Reconnaissance Energy Africa Ltd. (TSXV: RECO) (OTCQX: RECAF) (FSE: 0XD) (NSX: REC) (the "Company" or "ReconAfrica") announces that it has entered into an agreement with Research Capital Corporation as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the "Underwriters"), for an overnight marketed public offering of units of the Company (the "Units") at a price of C$0.50 per Unit for aggregate gross proceeds to the Company of C$10,000,000 (the "Offering"). In connection with the Offering, indications of lead orders have been received from BW Energy Limited ("BW Energy"), directors and management members of ReconAfrica, and certain other investors, expecting to purchase over C$4,000,000 of Units. BW Energy has agreed to a follow-on strategic equity investment in the Company of approximately C$2,000,000 under the Offering, reaffirming it's previously announced strategic partnership with ReconAfrica. BW Energy's additional investment represents approximately 20% of the Offering, increasing BW Energy's share ownership position in ReconAfrica from approximately 6.5% prior to the Offering to approximately 7.6% after the Offering. The Units purchased by BW Energy under the Offering will be subject to a six-month lock-up agreement. Each Unit will be comprised of one common share of the Company ("Common Share") and one Common Share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of C$0.60 at any time up to 24 months from closing of the Offering. In addition, the Company will use commercial reasonable efforts to obtain the necessary approvals to list the Warrants on the TSX Venture Exchange (the "Exchange"). The net proceeds from the Offering will be used for exploration activities, working capital and general corporate purposes. The primary exploration activity to be funded with net proceeds from the Offering will be the drilling of Prospect I, which has been named the Kavango West 1X well. Work on the access road and drill site is currently being completed while the Company awaits receipt of the remaining requisite permits. The rig move to the Kavango West 1X well drilling location is scheduled in late June, with drilling to begin thereafter. Brian Reinsborough, President and CEO of ReconAfrica stated: "We are excited to spud one of the Company's largest and most attractive prospects, Kavango West 1X. The results of the Naingopo exploration well announced in January 2025 increased our confidence in the potential for this well. Our teams remain very engaged with local communities and authorities to ensure a safe and efficient operation of this well." Carl K. Arnet, BW Energy CEO commented: "Our technical and operational teams at BW Energy are delighted to be participating in the high potential Kavango West 1X exploration well. BW Energy is well positioned in this strategically important energy region and further our position as a leader in Namibia's development towards energy independence. The data and insights gained through ReconAfrica's exploration campaign will further our understanding of the geology and petroleum system in Namibia and help de-risk planned exploration and development of our Kudu licence." Kavango West 1X (Prospect I) - High Potential Exploration well The Kavango West 1X exploration well will be the second test in the expansive Damara Fold Belt play. The prospect is a large fold identified on modern 2D seismic data which extends over 20 kilometers long by 5 kilometers wide, and is expected to penetrate a thick Otavi carbonate reservoir section, which is the primary target in the play. The Kavango West 1X well will be drilled to a planned total depth of approximately 3,800 metres (12,500 feet) and is targeting 346 million barrels of gross unrisked (30 million barrels of gross risked) prospective light/medium crude oil resources on a 100% working interest basis (312 million barrels(1,2) net unrisked (27 million barrels net risked) to ReconAfrica's 90% working interest as at the date of the NSAI report) or 1,839 billion cubic feet of gross unrisked (133 Bcf risked) prospective natural gas resources on 100% working interest basis (1,655 billion cubic feet(1,2) unrisked net (120 Bcf risked net) to ReconAfrica's 90% working interest as at the date of the NSAI report), based on the most recent prospective resources report prepared by Netherland, Sewell & Associates, Inc. ("NSAI") as at December 31, 2024, filed on SEDAR+ at (the "NSAI Report")(1). Damara Fold Belt Play Across 11.5 Million Acres in Namibia and Angola The Damara fold belt trend is identified in the subsurface by a grid of 2D seismic data, and the Company has mapped 19 prospects and 4 leads on the Namibia side of the play. The Namibia area is estimated to hold 2.6 billion barrels(1,2) of unrisked prospective light/medium crude oil resources and 157 million barrels(1,2) of risked prospective light/medium crude oil resources from the Damara Fold Belt play prospects on PEL 73. (1) There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resources are those quantities of oil estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are the arithmetic sum of multiple probability distributions. Unrisked prospective resources are estimates of the volumes that could reasonably be expected to be recovered in the event of the discovery and development of these prospects. (2) Not reflective of ReconAfrica's current working interest of 70% of PEL 73. Recently, the company has entered a Memorandum of Understanding (MOU) with National Agency for Petroleum, Gas and Biofuels of Angola (ANPG) for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. This agreement is a strategic addition to the company's asset portfolio, which creates an opportunity for early entry into onshore Angola at a low cost, with minimal work commitments. It complements ReconAfrica's activities in Namibia and highlights the potential of the Damara Fold Belt and Rift Basin by adding 5.2 million contiguous acres in Angola to the existing 6.3 million acres in Namibia in the Damara Fold Belt and Rift Basin exploration plays. Damara Fold Belt (Namibia) Best Estimate (2U) Prospective Light & Medium Crude Oil Resources (MMbbl)(1)(2)(3)Unrisked Risked Play Area/Subclass Gross (100%) Company Gross(1) Net(1) Gross (100%) Company Gross(1) Net(1) Damara Prospects 2,566.1 2,309.5 2,194.0 156.5 140.9 133.8 Leads 123.2 110.9 105.3 4.1 3.7 3.5 Notes: (1) The "Company Gross" and "Net" figures in the table above are as set out in the Resource Report (as defined below) and have not been adjusted for the 20% working interest acquired by BW Energy from ReconAfrica pursuant to the strategic farm down that closed January 29, 2025. As of December 31, 2024 (and the effective date of the Resource Report, ReconAfrica owned a 90% working interest in PEL 73. As of the date hereof, ReconAfrica holds a 70% working interest in PEL 73 (with BW Energy Limited holding a 20% working interest and the National Petroleum Corporation of Namibia holding a 10% carried participating interest). "Net" includes a 5% deduction for royalties. (2) ReconAfrica engaged Netherland, Sewell & Associates, Inc. ("NSAI"), an independent qualified reserves evaluator, to provide an updated prospective resource report dated March 26, 2025 (with an effective date of December 31, 2024) relating to the Company's prospective resources (the "Resource Report"). The Resource Report focused solely on the Company's interest in certain prospects and leads located in the Damara Fold and Thrust Belt (Damara) play area and the Karoo Rift play area of PEL 73. The preparation date of the Updated Report is January 1, 2025. Prospective resources are the arithmetic sum of multiple probability distributions. See "Disclosure of Oil and Gas Information" for further information. (3) There is no certainty that any portion of the prospective resources will be discovered. If they are discovered, there is no certainty that it will be commercially viable to develop and produce any portion of the prospective resources. Additional Details on the Offering The Company has granted to the Underwriters an option (the "Over-Allotment Option"), exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional number of Units, and/or the components thereof, that in aggregate would be equal to 15% of the total number of Units to be issued under the Offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time and from time to time up to 30 days following the closing of the Offering. The closing of the Offering is expected to occur on or about the week of June 16, 2025 (the "Closing"), or such other earlier or later date as the Underwriters may determine. Closing is subject to the Company receiving all necessary regulatory approvals, including the acceptance of the Exchange to list, on the date of Closing, the Common Shares, and the Common Shares issuable upon exercise of the Warrants and the Underwriters' broker warrants, on the Exchange. The Offering is expected to be completed pursuant to an underwriting agreement to be entered into by the Company and the Underwriters. In connection with the Offering, the Company intends to file a prospectus supplement within two business days, to the Company's short form base shelf prospectus dated February 29, 2024, with the securities regulatory authorities in each of the provinces of Canada (except Québec). Copies of the base shelf prospectus and any supplement thereto to be filed in connection with the Offering, are and will be available under the Company's profile on SEDAR+ at The Units are being offered in each of the provinces of Canada (except Québec) and may be offered in the United States to "qualified institutional buyers" (as defined in Rule 144A under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")) or "accredited investors" (as defined in Regulation D promulgated under the U.S. Securities Act) on a private placement basis pursuant to an appropriate exemption from the registration requirements under applicable U.S. law, and outside of Canada and the United States on a private placement or equivalent basis. This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the U.S. Securities Act and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. About BW Energy Limited BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company's assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block in, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy. BW Energy, 74% owned by BW Group Ltd., was created as the E&P arm of Oslo listed BW Offshore, a company with more than four decades of experience in operating advanced offshore production solutions and executing complex projects. Since its origin, BW Offshore has executed 40 FPSO and FSO projects. About ReconAfrica ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences comprising ~13 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. For further information contact:Brian Reinsborough, President and Chief Executive OfficerMark Friesen, Managing Director, Investor Relations & Capital Markets Email: admin@ Inquiries Email: investors@ Inquiries Email: media@ Tel: +1-877-631-1160 Cautionary Note Regarding Forward-Looking Statements: Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the expected use of proceeds from the Offering, including spudding of the Kavango West 1X well following final completion of the access road and drill site preparation, receipt of all required permits and the rig being moved to the drilling location, which has been scheduled for late June 2025, the well being drilled to a planned total depth of approximately 3,800 metres (12,500 feet) and targeting 255 million barrels of unrisked prospective oil resources or 1,350 billion cubic feet of unrisked prospective natural gas resources, the expected closing date of the Offering, the completion of the Offering being subject to the receipt of all necessary regulatory approvals, including acceptance of the Exchange, any potential acceleration of the expiry date of the Warrants, the listing of the Warrants, and the Company's commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the "Risk Factors" section in the Company's annual information form ("AIF") dated April 29, 2025 for the financial period ended December 31, 2024, available under the Company's profile at Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. Disclosure of Oil and Gas Information: The Resource Report and the prospective resource estimates contained therein and in this press release were prepared by NSAI, an independent qualified reserves evaluator. The Resource Report was prepared in accordance with the definitions and guidelines of the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by applying future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further categorized according to the level of certainty associated with recoverable estimates assuming their discovery and development and may be subclassified based on project maturity. The prospective resources included in Resource Report and in this press release should not be construed as reserves or contingent resources; they represent exploration opportunities and quantify the development potential in the event a petroleum discovery is made. A geologic risk assessment was performed for these prospects and leads, as discussed in the Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information ("Form 51-101F") dated April 29, 2025 and effective as of December 31, 2024, available under the Company's profile at The Resource Report is also available under the Company's profile at The Resource Report does not include economic analysis for these prospects and leads. Based on analogous field developments, it appears that, assuming a discovery is made, the unrisked best estimate prospective resources in the Resource Report have a reasonable chance of being economically viable. There is no certainty that any portion of the prospective resources will be discovered. If they are discovered, there is no certainty that it will be commercially viable to develop and produce any portion of the prospective resources. For additional information concerning the risks and the level of uncertainty associated with recovery of the prospective resources detailed herein and in the Resource Report, the significant positive and negative factors relevant to the prospective resources estimates detailed herein and in the Resource Report and a description of the project to which the prospective resources estimates detailed herein and in the Resource Report applies are contained within the Form 51-101F1. The prospective resources shown in herein and in the Resource Report have been estimated using probabilistic methods and are dependent on a petroleum discovery being made. If a discovery is made and development is undertaken, the probability that the recoverable volumes will equal or exceed the unrisked estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate, and 10 percent for the high estimate. Low estimate and high estimate prospective resources have not been included in the Resource Report. For the purposes of the Resource Report, the volumes and parameters associated with the best estimate scenario of prospective resources are referred to as 2U. The 2U prospective resources have been aggregated beyond the prospect and lead level by arithmetic summation; therefore, these totals do not include the portfolio effect that might result from statistical aggregation. Statistical principles indicate that the arithmetic sums of multiple estimates may be misleading as to the volumes that may actually be recovered. **NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES** To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
6 days ago
- Business
- Globe and Mail
ReconAfrica Announces First Quarter Filings and Corporate Update
CALGARY, Alberta, May 29, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the 'Company' or 'ReconAfrica') (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) announces the filing of its fiscal first quarter disclosure documents for the three-month period ended March 31, 2025, including the unaudited consolidated financial statements and Management's Discussion and Analysis ("MD&A"), which are available on SEDAR+ at . Brian Reinsborough, President and CEO of the Company commented: "ReconAfrica continues to move Prospect I toward spud and management remains excited about this exploration target, which is our largest prospect to be drilled to date. On trend with the Naingopo and Prospect I locations, the Company recently gained access to over five million acres in Angola, and we look forward to working with our partner, ANPG to explore this acreage. Management recognizes its responsibility to all stakeholders to steward the evaluation and exploration process of this vast portfolio with the utmost care. We are keen to continue our work with shareholders, local government, joint venture and community partners." Selected Highlights For the first quarter ended March 31, 2025, and subsequent period, we announced: On January 29, 2025, the Namibian Ministry of Mines & Energy approved the previously announced farm-down agreement with BW Energy ('BW') acquiring a 20% WI in Petroleum Exploration License 073 ('PEL 73'). On January 30, 2025, results from the Naingopo exploration well on PEL 73 aided the Company with the selection of Prospect I as the next drill prospect. On April 17, 2025, ReconAfrica entered a Memorandum of Understanding ('MOU') with the National Oil, Gas and Biofuels Agency of Angola ('ANPG'), for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. The MOU area, which is contiguous to PEL 73 in Namibia, added 5.2 million acres of exploration lands to the Company's exploration portfolio. On April 30, 2025, an updated NSAI Report was filed on SEDAR+ at On May 21, 2025, Mark Friesen, CFA joined the Company as Managing Director, Investor Relations and Capital Markets. Operational Update Prospect I, located onshore Namibia in Petroleum Exploration License 073 ('PEL 73'), will be the Company's largest exploration prospect drilled to date. Prioritizing Prospect I as the next drillable prospect was significantly influenced by the drilling results of the Naingopo prospect, which has confirmed the presence of carbonate reservoir, indications of oil observed from the Damara Fold Belt and oil being recovered at surface in the drilling mud system. The Company has conducted extensive stakeholder and community engagement activities and obtained local consents. The Company is completing permitting requirements and obtaining all regulatory approvals. Pre-construction activities are currently underway, including, de-brushing, de-mining, access road infrastructure development and drill site preparation. ReconAfrica is committed to continuing to work collaboratively with communities, governments and regulators. Management remains encouraged that the sequence of completing the necessary pre-drill activities on Prospect I is progressing toward spudding the well. Permitting for road and pad construction is proceeding and we expect the rig to move in late June with spud shortly thereafter. Any adjustments to the spud date of Prospect I are logistical in nature with management's view regarding the prospectivity of the target remaining positive and unchanged from earlier communications. About ReconAfrica ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences comprising ~13 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. For further information contact: Brian Reinsborough, President and Chief Executive Officer Mark Friesen, Managing Director, Investor Relations & Capital Markets Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, the timing of permits, timing and sequencing of the next well, actual well results, future drilling activity, resource potential, the updated NSAI Report, the Company's commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the"Risk Factors" section in the Company's annual information form dated April 29, 2025, available under the Company's profile at Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Yahoo
21-04-2025
- Business
- Yahoo
ReconAfrica partners with ANPG for joint exploration project in Angola
ReconAfrica has signed a memorandum of understanding (MoU) with the National Oil, Gas and Biofuels Agency (ANPG), Angola's national concessionaire and regulator, to explore the Etosha-Okavango basin onshore Angola. This move expands ReconAfrica's asset portfolio, offering access to onshore Angola's oil and gas sector at a low cost and with minimal work commitments. The collaboration aims to leverage the potential of the Damara Fold Belt and Rift Basin, adding 5.2 million acres in Angola to ReconAfrica's existing 6.3 million acres in Namibia. ReconAfrica will hold 80% working interest in the MoU area, and the remaining 20% interest will be held by Sonangol, with exclusive rights for ReconAfrica during the MoU term. Under the MoU, ReconAfrica will oversee geological studies, a regional oil and gas seep study, and plan a 2D seismic programme. The company will also conduct detailed geochemical analysis and sampling over a two-year period. ReconAfrica president and CEO Brian Reinsborough stated: 'The encouraging technical results from our recent Naingopo exploration well on PEL 73 onshore Namibia have strengthened our belief in the significant hydrocarbon potential of the Damara Fold Belt play. Our regional geological models indicate that the promising Fold Belt play, known for hosting some of the world's largest fields and covering extensive areas, likely extends into Angola. 'As a result, we are excited to be entering into a strategic MOU with ANPG. Recent regulatory reforms make Angola an attractive jurisdiction for new oil and gas exploration, and we look forward to working with ANPG and Sonangol as we progress our exploration initiatives.' ReconAfrica has also announced plans to start drilling at Prospect I situated 47km from its Angolan MoU area onshore Namibia. The company is targeting 365 million barrels of light/medium oil and 1.9 trillion cubic feet (tcf) of natural gas on an unrisked basis, with risked resources estimated at 32 million barrels of oil (mbbl) and 140 billion cubic feet (bcf) of gas, all on a 100% interest basis. "ReconAfrica partners with ANPG for joint exploration project in Angola" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
30-01-2025
- Business
- Yahoo
Canada's ReconAfrica finds oil traces in onshore Naingopo well
CAPE TOWN (Reuters) - Canada's Reconnaissance Energy Africa (ReconAfrica) has found indications of oil at its Naingopo onshore exploration well and will look to accelerate drilling in the region, its chief executive said on Thursday. Exploring close to the environmentally sensitive Okavango Delta in Namibia, ReconAfrica has faced years of criticism from Namibian environmentalists and communities, but has the government's backing to continue drilling in the vast acreage it holds. The company has environmental authorization to drill multiple wells. "We are excited about the results of this well, which opens the play and demonstrates a working petroleum system within the Damara Fold Belt," ReconAfrica CEO Brian Reinsborough said in a statement. "The importance of finding over 50 metres of net reservoir with indications of oil in this well is significant," he said. Namibia is a global exploration hotspot but has experienced a slight blip this year after Shell halted field developments, considering them commercially unviable, and Chevron's first offshore well in the Orange Basin also didn't yield any commercial oil or gas. Reinsborough said multiple indications of oil in the Naingopo well will be further analysed, and based on the technical data the company plans to drill another well, Prospect 1, ahead of its Kambundu well. Operator ReconAfrica holds a 70% stake in the massive PEL 73 block, with Norway's BW Energy having 20% and Namibia's national oil company Namcor a 10% working interest. Sign in to access your portfolio
Reuters
30-01-2025
- Business
- Reuters
Canada's ReconAfrica finds oil traces in onshore Naingopo well
CAPE TOWN, Jan 30 (Reuters) - Canada's Reconnaissance Energy Africa (ReconAfrica) (RECO.V), opens new tab has found indications of oil at its Naingopo onshore exploration well and will look to accelerate drilling in the region, its chief executive said on Thursday. Exploring close to the environmentally sensitive Okavango Delta in Namibia, ReconAfrica has faced years of criticism from Namibian environmentalists and communities, but has the government's backing to continue drilling in the vast acreage it holds. The company has environmental authorization to drill multiple wells. "We are excited about the results of this well, which opens the play and demonstrates a working petroleum system within the Damara Fold Belt," ReconAfrica CEO Brian Reinsborough said in a statement. "The importance of finding over 50 metres of net reservoir with indications of oil in this well is significant," he said. Namibia is a global exploration hotspot but has experienced a slight blip this year after Shell halted field developments, considering them commercially unviable, and Chevron's first offshore well in the Orange Basin also didn't yield any commercial oil or gas. Reinsborough said multiple indications of oil in the Naingopo well will be further analysed, and based on the technical data the company plans to drill another well, Prospect 1, ahead of its Kambundu well. Operator ReconAfrica holds a 70% stake in the massive PEL 73 block, with Norway's BW Energy ( opens new tab having 20% and Namibia's national oil company Namcor a 10% working interest.
