Reconnaissance Energy Africa (ReconAfrica) announced that it has completed its strategic farm down agreement for Petroleum Exploration License 73 (PEL 73) in northeast Namibia with BW Energy.
The company’s sale of a 20% working interest in PEL 73 was approved by the Namibian Ministry of Mines and Energy.
With the execution of the farm down agreement, operator ReconAfrica has a 70% working interest in PEL 73. BW holds a 20% working interest and NAMCOR has a 10% working interest.
“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,” ReconAfrica CEO Brian Reinsborough said in a statement.
“We look forward to working with BW Energy as we continue to explore the Damara Fold Belt and Rift Basin plays.”
He added that results from the Naingopo exploration well will be released soon following third-party analysis.
“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.
Shares of ReconAfrica were set to close over 17% higher around C$1.16 in Toronto LAST WEEK Wednesday afternoon.