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Highlights
- Reconnaissance Energy Africa Ltd (TSXV:RECO) has become the first oil and gas firm to dual-list on the Namibian Stock Exchange.
- Ongoing operations at Namibia's PEL 73 include deep drilling and preparations for the Kambundu exploration well.
- ReconAfrica plans a groundbreaking 3D seismic survey in the Kavango Rift Basin, set for mid-2025.
Reconnaissance Energy Africa Ltd, known as ReconAfrica, recently announced its dual-listing on the Namibian Stock Exchange (NSX), marking a pioneering step as the first publicly traded oil and gas exploration company on this platform. ReconAfrica, headquartered in Canada, primarily focuses on oil and gas exploration within Namibia and Botswana. This dual-listing underscores its strategic role in expanding Namibia’s energy sector, especially as the nation continues its drive toward energy independence and resource development.
Drilling Progress at PEL 73 in Namibia
ReconAfrica’s current exploration activities are centered around the Petroleum Exploration License 073 (PEL 73) in Namibia, where drilling efforts resumed in mid-October. These operations aim to reach substantial depths, with current drilling set near 3,500 meters (approximately 11,500 feet). ReconAfrica has targeted a final drilling depth of 3,800 meters, after which a detailed logging program will analyze hydrocarbon samples and other geological findings. This analysis will provide key insights into the resource potential in Namibia’s Kavango region.
Advancements Toward Kambundu Exploration Well
Preparations for the Kambundu exploration well have also progressed significantly. The construction of access roads to the Kambundu site is nearly complete, and site preparations are well underway. This groundwork is essential to support a seamless transition from the current Naingopo well drilling to Kambundu. ReconAfrica’s structured approach to exploration and site readiness emphasizes its dedication to maintaining steady progress within its Namibian project scope.
Introduction of 3D Seismic Survey in Kavango Rift Basin
A significant addition to ReconAfrica’s exploration strategy involves its plan to conduct a 3D seismic survey on PEL 73, scheduled for mid-2025. This survey aims to gather around 500 kilometers of 3D seismic data across the Kavango Rift Basin, marking Namibia’s first onshore 3D seismic acquisition. The high-resolution imaging technology is expected to provide a detailed view of subsurface formations, supporting more accurate assessments of hydrocarbon deposits and refining the company’s exploration roadmap.
ReconAfrica’s Acreage Position in Namibia
Brian Reinsborough, CEO of ReconAfrica, highlighted the company’s extensive acreage position in Namibia, making it the largest onshore oil and gas exploration company in the country. This substantial landholding, coupled with advanced exploration technologies, positions ReconAfrica as a key player in Namibia’s onshore oil and gas landscape. The dual-listing on the NSX not only strengthens the company's local presence but also aligns with its commitment to advancing Namibia’s energy resources.
Expansion in Botswana: PEL 001 License Extension
Beyond its Namibian endeavors, ReconAfrica has secured a significant extension for its exploration license in Botswana. The Petroleum Exploration License (PEL 001), covering parts of Botswana, has been approved for extension until September 2028. This long-term approval provides ReconAfrica with an extended operational window, allowing for more thorough exploration and development activities within Botswana’s territory.
