Reconnaissance Energy Africa (ReconAfrica) has appointed Derek Aylesworth, an oil and gas executive, and company President and CEO Brian Reinsborough to its Board of Directors.
Aylesworth, with over 30 years of experience in the energy industry, has held senior roles at companies like Seven Generations Energy and Baytex Energy Corporation.
This comes as the company’s drilling operations continue at the Naingopo exploration well in Namibia’s Damara Fold Belt, with the well currently at a depth of approximately 4,000 metres (13,125 feet).
Upon completion of the drilling, the company plans to undertake an extensive logging and coring program, followed by a vertical seismic profile to analyse any oil or natural gas samples obtained.
In addition, road and well site construction for the Kambundu exploration well (Prospect P) is nearly complete, and the company anticipates moving forward with drilling activities at Kambundu once the results from the Naingopo well are fully analysed.
“We have nearly completed drilling operations on the Naingopo exploration well, our first Damara Fold Belt well, and have prepared the access roads and well pad for our second well, Kambundu. We are also planning the first onshore 3D seismic program ever completed in Namibia,” said Reinsborough.
He further explained that the company has entered into a strategic partnership with BW Energy Limited, entering into a definitive agreement for a 20% working interest in Petroleum Exploration Licence 073.
This includes a N$398 million (C$22 million) equity investment to support a multi-well exploration program, along with contingent payments of up to N$2.6 billion (C$125 million), depending on the achievement of development, production, and cash flow milestones.
In addition to this, ReconAfrica successfully raised gross proceeds of N$708 million (C$38.8 million) through an underwritten public offering on 31 July 2024, further strengthening its financial position.
“We have positioned the Company for success following our joint venture process with BW Energy,” he said.
ReconAfrica, a Canadian oil and gas exploration company, is focused on exploring the Damara Fold Belt and Kavango Rift Basin within the Kalahari Desert region of northeastern Namibia and northwestern Botswana.
The company holds petroleum licenses covering approximately eight million contiguous acres.
