Canadian oil exploration company ReconAfrica’s license has been renewed as the company moves forward with plans to exploit potential oil reserves in the Cubango Okavango River Basin (CORB) in Botswana and Namibia.
Brian Reinsborough, the President and CEO of ReconAfrica, stated that they have extended โour licence in Botswana under favourable terms.โ He also noted that ReconAfrica had received approval for the first renewal exploration period from the Department of Mines of Botswana.
โThe First Renewal Exploration Period covers the period from October 1, 2024, to September 30, 2028, relating to the approximate 1.9-million-acre licence,โ said Reinsborough. He added that under the terms of the first renewal period, the company would be required to conduct 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. โTotal minimum required expenditures under the Licence over the term represent P5.0 million (approximately C$517,500),โ he said.
Reinsborough also announced the dual-listing of the company on the Namibian Stock Exchange (NSX).
He revealed that โMost importantly, we are now drilling ahead on Naingopo (Namibia) with operations back to normal, and pre-drill preparations continue for the Kambundu well (Namibia).” Reinsborough expressed excitement about being the first publicly traded oil and gas company listed on the NSX. โReconAfrica has the largest acreage position of any publicly traded pure-play oil and gas exploration company operating onshore Namibia,โ he said.
Reinsborough emphasised that ReconAfrica is the first oil and gas company listed in Namibia, offering local and regional investors the opportunity to gain direct exposure to this high-growth industry.
He explained that after completing logging and casing operations and preparing to switch to a 10,000 psi blowout preventer (“BOP”) on the Naingopo exploration well, the company required additional time to replace a hose on the choke manifold. Drilling resumed in mid-October and is currently progressing at 3,500 meters (11,500 feet).
โWe expect to complete drilling operations towards our target depth of 3,800 meters (12,500 feet) and will disclose results following a thorough analysis of an extensive logging program and any obtained oil or natural gas samples. If successful, the well would be a major play-opening discovery providing access to multiple drill-ready prospects,โ said Reinsborough.
He added, โRoad construction activities relating to the Kambundu exploration well (Prospect P) are nearing completion, and well site construction is well advanced,โ further noting, โWe anticipate moving to the Kambundu exploration well following the complete analysis of the results of the Naingopo exploration well.โ
โWe are also progressing with our planned 3D seismic survey on PEL 73, where we will acquire 500 kilometers of 3D seismic data over the prospective Kavango Rift Basin play. Acquisition of this survey is expected to occur in mid-2025, and this will be Namibia’s first 3D seismic survey acquired onshore,โ said Reinsborough.
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