Reconnaissance Energy Africa has become the first oil and gas exploration company to be dual listed on the Namibian Stock Exchange.
The company was listed under the symbol REC on November 5, 2024, and said there would be no change to the country’s other listings, including its primary listing on the TSX-Venture Exchange (TSXV).
ReconAfrica is the first oil and gas company listed in Namibia and presents an opportunity for local and regional investors to gain direct exposure to this high-growth industry.
Cirrus Capital (Namibia) advised the company on the NSX listing and anticipates increased exposure and awareness for ReconAfrica in Namibian and other Sub-Saharan African capital markets.
The CEO, Brian Reinsborough, expressed excitement about being the first publicly traded oil and gas company listed on the NSX.
ReconAfrica has the largest acreage position of any publicly traded pure-play oil and gas exploration company operating onshore in Namibia.
Reinsborough said they have also extended their licence in Botswana under favourable terms.
Most importantly, Reinsborough said they are now drilling ahead on Naingopo, with operations back to normal and pre-drill preparations continuing for the Kambundu well.
ReconAfrica has been approved for the First Renewal Exploration Period by the Department of Mines of the Republic of Botswana for PEL 001 onshore Botswana. The First Renewal Exploration Period covers the period from October 1, 2024, to September 30, 2028, relating to the approximate 1.9-million-acre licence.
Under the terms of the First Renewal Exploration Period, the company must undertake various geotechnical evaluations, vegetation mapping, a water study report, methane seep detection activities, and an environmental impact study and provide funding for Botswana Petroleum Exploration and Training.
The minimum required expenditures under the licence over the term represent BWP5.0 million (approximately C$517,500).
Following the completion of logging and casing operations and the planned switch to a 10,000 psi blowout preventer on the Naingopo exploration well, the company required additional time to replace a hose on the choke manifold.
Drilling recommenced in mid-October and is drilling ahead at 3,500 metres (11,500 feet). Reinsborough said they expect to complete drilling operations towards our target of 3,800 metres (12,500 feet).
“We will disclose results after thoroughly analysing an extensive logging program and any obtained oil or natural gas samples.
“The well would be a significant play-opening discovery if successful, providing access to multiple drill-ready prospects.
Road construction activities relating to the Kambundu exploration well (Prospect P) are nearing completion, and the healthy site construction is advanced.
“We anticipate moving to the Kambundu exploration well following the complete analysis of the results of the Naingopo exploration well.
“We are also progressing with our planned 3D seismic survey on PEL 73, where we will acquire 500 kilometres of 3D seismic data over the prospective Kavango Rift Basin play,” Reinsborough said.
The acquisition of this survey is expected to occur in mid-2025, and this will be Namibia’s first 3D seismic survey to be acquired onshore.
