Welcome to our dedicated page for Reconnaissance Energy news (Ticker: recaf), a resource for investors and traders seeking the latest updates and insights on Reconnaissance Energy stock.
Reconnaissance Energy Africa Ltd (RECAF) is a Canadian oil and gas exploration company focused on evaluating hydrocarbon potential in Namibia's Damara Fold Belt and Kavango Rift Basin. This page provides investors with centralized access to official news, including drilling results, technical evaluations, and strategic partnerships.
Discover up-to-date information on exploration milestones, environmental initiatives, and licence developments. Our curated collection includes press releases on seismic data interpretation, well completion reports, and joint venture announcements with regional stakeholders. All content is sourced directly from the company to ensure accuracy and compliance with disclosure standards.
Key updates cover resource assessments by independent experts, operational progress in the Kavango Basin, and community engagement initiatives. Bookmark this page for streamlined tracking of RECAF's methodical approach to unlocking Africa's energy potential through advanced geological analysis and responsible exploration practices.
ReconAfrica (RECAF) has signed a Memorandum of Understanding (MOU) with Angola's National Oil, Gas and Biofuels Agency (ANPG) for a joint exploration project in the Etosha-Okavango basin. The agreement adds 5.2 million acres in Angola to ReconAfrica's existing 6.3 million acres in Namibia, focusing on the Damara Fold Belt and Rift Basin plays.
Under the MOU, ReconAfrica will hold an 80% working interest, with Sonangol holding the remaining 20%. The 24-month agreement involves geological studies, regional oil and gas seep analysis, 2D seismic program planning, and detailed geochemical sampling.
Additionally, ReconAfrica is preparing to drill Prospect I in Namibia, targeting 365 million barrels of unrisked prospective light/medium oil resources or 1.9 trillion cubic feet of unrisked prospective natural gas resources.
ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has provided an update on its drilling plans for Prospect I in Namibia's Petroleum Exploration Licence 073. The prospect represents the company's largest drilling target to date, with potential resources of 365 million barrels of unrisked (32 million risked) prospective light/medium oil, or 1.9 trillion cubic feet of unrisked (140 billion cubic feet risked) prospective natural gas.
The drilling operation targets a depth of 3,800 metres with potential to drill deeper. The Otavi section is expected to be approximately 1,500-1,800 metres thick. The company's recent Naingopo exploration well, announced in January 2025, has enhanced their understanding of the Damara Fold Belt and increased confidence in Prospect I's potential, particularly after encountering over 50 metres of reservoir quality carbonates and oil shows.
ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has announced the acceleration of its drilling schedule, moving the spud date for Prospect I into Q2 2025. The company has completed initial surveying and is conducting debushing activities, with demining operations planned in the coming weeks.
Prospect I, one of the largest mapped structures in the Damara Fold Belt, is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or alternatively, 1.7 trillion cubic feet of unrisked and 126 billion cubic feet of risked prospective natural gas resources (100% working interest basis), according to Netherland, Sewell, & Associates.
The company expects to penetrate over 1,500 metres of Otavi reservoir. The project has been derisked by results from their first Damara Fold Belt well, Naingopo, which encountered reservoir in the Otavi carbonates, hydrocarbon shows, and oil to surface.
ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has announced an upcoming webinar and conference call for investors and analysts scheduled for Thursday, February 13, 2025, at 11:00 am Eastern Time. The event will feature presentations from Brian Reinsborough, President and CEO, and Chris Sembritzky, Senior Vice President, Exploration.
Investors and analysts are encouraged to submit their questions in advance to investors@reconafrica.com. Participants can join through the provided RapidConnect URL, Audience URL, or via toll-free phone number for North America (+1-888-510-2154). A replay of the conference call will be available until February 20, 2025, at 11:59 pm Eastern Time, accessible through the toll-free number +1-888-660-6345 with entry code 38176#.
ReconAfrica has completed drilling operations on the Naingopo exploration well in Namibia, reaching a total depth of 4,184 metres (13,727 feet), exceeding the original target of 3,800 metres. The company will now conduct comprehensive evaluation including wireline logging, coring, MDT sampling, and VSP testing. The Naingopo well targets 181 million barrels of unrisked or 15 million barrels of risked prospective light/medium oil resources, alternatively 937 billion cubic feet of unrisked or 65 billion cubic feet of risked prospective natural gas resources. Preliminary results are expected in the coming weeks, after which the company plans to move to the Kumbundu well location.
ReconAfrica provided an operational update for its exploration activities in Namibia. Key developments include: drilling the Naingopo exploration well at 4,000 meters depth; securing a partnership with BW Energy for a 20% working interest in PEL 73, including a $22M investment and potential $171M in milestone payments; raising $38.8M through a public offering; reducing administrative costs to $3.2M from $4.1M year-over-year; and receiving approval for the First Renewal Exploration Period in Botswana. The company also completed construction activities for the Kambundu exploration well and appointed new directors, including W. Derek Aylesworth and CEO Brian Reinsborough to the Board.
ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has announced key operational updates and financial results for Q2 2024. Highlights include:
1. Drilling of the Naingopo exploration well past 2,400 meters, with primary objectives still ahead.
2. A farm-down agreement with BW Energy, selling a 20% working interest in PEL 73 for $22 million upfront and potential $171 million in contingent payments.
3. Successful fundraising of $56.3 million through public offerings.
4. Reduced G&A costs by $1 million compared to Q2 2023.
5. Enhanced governance with new board appointments.
The company is also set to release its first Sustainability Report. Operationally, the Naingopo well is progressing as planned, and preparations for the Kambundu (Prospect P) well are underway. ReconAfrica remains focused on its multi-well exploration program in Namibia.
ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has provided an operations update for its Petroleum Exploration Licence 73 (PEL 73) in northeast Namibia. The Naingopo exploration well is currently drilling at 1,450 meters, on schedule and budget, targeting 181 million barrels of unrisked prospective light/medium oil resources or 937 billion cubic feet of natural gas. The well is expected to reach 3,800 meters by early October.
Construction has begun on the access road for Prospect P, the second Damara Fold Belt exploration well, targeting 309 million barrels of oil or 1.6 trillion cubic feet of gas. Drilling is set to commence in Q4 2024. Additionally, ReconAfrica is testing vibroseis technology for potential 3D seismic acquisition in the Kavango Rift Basin, with plans for a possible program in 2025.
ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has entered into a definitive farm down agreement with BW Energy (OSE: BWE) for the sale of a 20% working interest in Petroleum Exploration Licence 73 (PEL 73) in northeast Namibia. The agreement, announced on July 30, 2024, follows the terms outlined in the July 16, 2024 press release. CEO Brian Reinsborough highlighted the swift completion of the agreement, emphasizing the upfront cash for the multi-well drilling program and significant cash for development expenditures while maintaining a high working interest for ReconAfrica and its shareholders. The transaction is expected to close before October 31, 2024, pending regulatory approvals from Namibian authorities and the TSX Venture Exchange.
ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has filed annual disclosure documents for the year ended March 31, 2024. Key highlights include:
1. Sale of Renaissance Oil for C$10.3 million, discharging C$100 million in liabilities.
2. Approval for Second Renewal Exploration Period in Namibia.
3. Completion of 2,767 km of 2D seismic acquisition.
4. Spudding of Naingopo exploration well on July 7, 2024, targeting 181 million barrels of unrisked prospective oil resources.
5. NSAI Report highlighting 19.6 billion barrels of undiscovered original oil-in-place.
6. Net income of C$41 million for the year.
7. MOU with BW Energy for a 20% working interest in PEL 73, including a US$16 million equity investment.
The company has streamlined operations, enhanced governance, and is now positioned as an onshore pure play in West Africa.
