Reconnaissance Energy Africa Ltd. and BW Energy have completed the farm-down agreement announced in July 2024.
The agreement saw BW Energy acquire a 20% working interest in PEL 73 onshore Namibia.
After the agreement, ReconAfrica has 70%, BW Energy 20% and Namcor 10%.
ReconAfrica CEO Brian Reinsborough confirmed receiving all the necessary approvals to complete our strategic farm-down agreement with BW Energy on PEL 73.
“The results of the Naingopo exploration well will be released shortly following third-party analysis of our extensive evaluation program, which was undertaken after the completion of drilling operations on the well. “Results have been delayed due to the transportation of side wall cores and fluid samples over the holiday period. All samples have now arrived with our third parties and are being analysed,” Reinsborough said.
BW Energy CEO Carl K. Arnet says the transaction will enable the company to expand its footprint in a strategically important energy region and further its position as a leader in Namibia’s journey towards energy independence.
“The data and insights gained through ReconAfrica’s exploration campaign will further our understanding of Namibia’s geology and petroleum system,” Arnet says
