AfrOil: ReconAfrica further solidifies presence in Namibia with listing on local exchange

Canadian oil and gas explorer Reconnaissance Energy Africa (ReconAfrica) has listed on the Namibian Stock Exchange (NSX).

The listing, the company said in a release on November 5, adds to its listings on the Toronto, OTCQX and Frankfurt stock exchanges. It becomes the first publicly traded oil and gas company to trade on the NSX.

ReconAfrica spudded its first well, Naingopo, in the southwestern African nation in July 2024. It is the first of a four-well onshore exploration campaign in the mineral-rich, mainly desert country of 2.6mn. The company said it halted work shortly after it started drilling to be able to attend to some technical issues but the campaign resumed in mid-October, drilling ahead at 3,500 metres towards the 3,800m target.

Road construction to the second well, Kambundu, "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," it said in the update.

Regarding its operations in neighbouring Botswana, ReconAfrica said the government has granted approval for the first renewal exploration period for a 1.9mn-acre onshore acreage.

The period stretches from October 1, 2024 to September 30, 2028.

"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 [an equivalent of $372,480],” it said in the release.

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