CHAMWE KAIRA
Reconnaissance Energy Africa Ltd has announced that, further to its announcements on 16 July and 30 July, it has completed the farm-down agreement with BW Energy Limited.
The sale of a 20% working interest in Petroleum Exploration Licence 73 (PEL 73), in northeast Namibia, has been approved by the Namibian Ministry of Mines and Energy and Namcor Exploration and Production.
The working interests in PEL 73 are now ReconAfrica, the operator, with a 70% working interest, while BW Energy has a 20% working interest and NAMCOR has a 10% working interest.
Brian Reinsborough, President and CEO, commented: “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. We look forward to working with BW Energy as we continue to explore the Damara Fold Belt and Rift Basin plays.
He said the results of the Naingopo exploration well will be released shortly following third-party analysis of its extensive evaluation program, which was undertaken after the completion of drilling operations on the well.
“Results have been delayed due to the transportation of sidewall cores and fluid samples over the holiday period. All samples have now arrived with our third parties and are being analysed.”
Carl K. Arnet, CEO, BW Energy, commented: “The transaction will enable BW Energy to expand its footprint in a strategically important energy region and further our position as a leader in Namibia’s journey towards energy independence. The data and insights gained through ReconAfrica’s exploration campaign will further our understanding of the geology and petroleum system in Namibia.”
ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the company holds petroleum licenses comprising 8 million contiguous acres.
In all aspects of its operations, ReconAfrica has said it is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in all of its project areas.
