Reconnaissance Energy Africa Ltd. (ReconAfrica) has entered into a definitive purchase and sale agreement with Namcor Exploration and Production (Pty) Ltd. to acquire half of Namcor’s 10% carried participating interest in the roughly 6.3-million acre petroleum exploration license (PEL) 73 in Kavango basin, northeast Namibia.
Completion of the transaction is expected to occur before end-2022, subject to ReconAfrica receiving all necessary regulatory approvals, including, but not limited to, approvals from the Namibia Ministry of Mines and Energy and acceptance by the TSX Venture Exchange.
ReconAfrica recently executed a 3-year extension to its Environmental Clearance Certificate (ECC) covering the entire PEL 73 permit in northeast Namibia to continue drilling stratigraphic test wells and completing a sidetrack of its first well, Kawe 6-2 (OGJ Online, Aug. 19, 2022).
After the transaction closes, ReconAfrica will hold 95% interest in PEL 73, which at about 25,000 sq km, covers the entire Kavango sedimentary basin.
