Reconnaissance Energy Africa Ltd. (ReconAfrica) has received approval from Namibia’s Ministry of Mines and Energy and Namcor Exploration and Production for the sale of a 20% working interest in Petroleum Exploration Licence 73 (PEL 73) to BW Energy Limited.
“The sale of a 20% working interest in Petroleum Exploration Licence 73 (“PEL 73”), in northeast Namibia, has been approved by the Namibian Ministry of Mines and Energy (“MME”) and Namcor Exploration and Production (Pty) Ltd (“NAMCOR”),” said ReconAfrica President and CEO Brian Reinsborough.
The transaction, initially announced in July 2024, leaves ReconAfrica with a 70% operating interest in PEL 73, while BW Energy now holds 20%, and NAMCOR retains a 10% stake.
“We are pleased to have received all the necessary approvals for the completion of our strategic farm-down agreement with BW Energy on PEL 73. We look forward to working with BW Energy as we continue to explore the Damara Fold Belt and Rift Basin plays,” Reinsborough said.
He added that the results of the Naingopo exploration well will be released soon, following third-party analysis of ReconAfrica’s extensive evaluation program.
“Results have been delayed due to transportation of side wall cores and fluid samples over the holiday period. All samples have now arrived with our third parties and are being analyzed,” Reinsborough said.
Meanwhile, BW Energy CEO Carl K. Arnet emphasized the strategic importance of the transaction, stating that it will expand BW Energy’s footprint in Namibia and enhance its position as a leader in the country’s energy sector.
“The data and insights gained through ReconAfrica’s exploration campaign will further our understanding of the geology and petroleum system in Namibia,” Arnet said.
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 licences comprising ~8 million contiguous acres.
