Reconnaissance Energy Africa Ltd announced its dual-listing on the Namibian Stock Exchange (NSX), marking a significant milestone as the first publicly traded oil and gas company on the exchange.
The company is progressing work at the Petroleum Exploration Licence 073 (PEL 73) in Namibia, where drilling resumed in mid-October to depths of nearly 3,500 meters (11,500 feet).
ReconAfrica said it expects to complete drilling operations at a target depth of 3,800 meters (12,500 feet) and will release findings following a comprehensive analysis of the logging program and any hydrocarbon samples obtained.
Furthermore, road construction for the Kambundu exploration well is nearing completion, with well site preparations well underway. The company anticipates transitioning to the Kambundu well once results from Naingopo are thoroughly analyzed.
Simultaneously, ReconAfrica is advancing plans for a 3D seismic survey on PEL 73, intending to acquire 500 kilometers of 3D seismic data over the Kavango Rift Basin play, which is scheduled for mid-2025. This survey will represent Namibia’s inaugural onshore 3D seismic acquisition.
“We are excited to be the first publicly traded oil and gas company listed on the NSX,” Brian Reinsborough, CEO of ReconAfrica said in a statement, noting that the firm has the largest acreage position of any publicly traded pure-play oil and gas exploration company operating onshore Namibia.
“(W)e are now drilling ahead on Naingopo with operations back to normal and pre-drill preparations continue for the Kambundu well.”
In addition to the dual-listing, ReconAfrica announced that its exploration license was approved for PEL 001 in Botswana until September 2028.