CALGARY,
AB, Nov. 5, 2024 /CNW/ - Reconnaissance
Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO)
(OTCQX: RECAF) (Frankfurt: 0XD)
(NSX: REC) announces the dual-listing on the Namibian Stock
Exchange ("NSX"), the renewal of Petroleum Exploration Licence 001
("PEL 001") onshore Botswana, and
an operational update with respect to its exploration activities on
Petroleum Exploration Licence 073 ("PEL 73"), onshore Namibia.
Brian Reinsborough,
President and CEO of the Company stated: "We are excited to
be 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
Namibia. We have also extended our
licence in Botswana under
favourable terms. Most importantly, we are now drilling ahead on
Naingopo with operations back to normal and pre-drill preparations
continue for the Kambundu well."
Namibian Stock Exchange Listing
ReconAfrica announces that the Company has successfully
dual-listed on the NSX, under the symbol "REC". There will be no
change to ReconAfrica'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 Africa capital markets.
Botswana Exploration Licence
ReconAfrica has been granted approval 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 will be required to undertake
various geotechnical evaluations, vegetation mapping, a water study
report, methane seep detection activities, an environmental impact
study and provide funding for Botswana Petroleum Exploration and
Training. Total minimum required expenditures under the Licence
over the term represent BWP5.0
million (approximately C$517,500).
Operations Update
Following the completion of logging and casing operations and
the planned switch to a 10,000 psi blowout preventer ("BOP") on the
Naingopo exploration well, the Company required some additional
time to replace a hose on the choke manifold. Drilling recommenced
in mid-October and is currently drilling ahead at 3,500 metres
(11,500 feet). We expect to complete drilling operations towards
our target depth of 3,800 metres (12,500 feet) and will disclose
results following a thorough analysis of an extensive logging
program and any obtained oil or natural gas samples. If successful,
the well would be a major play opening discovery providing access
to multiple drill ready prospects.
Road construction activities relating to the Kambundu
exploration well (Prospect P) are nearing completion and well site
construction is well 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 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. Acquisition of this survey is
expected to occur in mid-2025 and this will be Namibia's first 3D seismic survey acquired
onshore.
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 and northwestern Botswana, where the Company holds petroleum
licenses comprising ~8 million contiguous acres. In all aspects of
its operations ReconAfrica is committed to minimal disturbance of
habitat in line with international standards and will implement
environmental and social best practices in all of 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.
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 listing of the Company's shares on
the Namibian Stock Exchange, renewal of the Botswana licence,
the drilling of the Naingopo exploration well, the drilling of
the Kambundu exploration well, the acquisition of a 3D seismic
survey onshore Namibia 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 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
July 29, 2024, available under the
Company's profile at www.sedarplus.ca. 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.
SOURCE Reconnaissance Energy Africa Ltd.