Reconnaissance Energy Africa progresses Naingopo well drilling at PEL 73 offshore Namibia
Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) (ReconAfrica) has provided investors with an update on its operations at Petroleum Exploration License 73 (PEL 73), offshore Namibia. The Canadian oil and gas explorer said, having secured funding for a multi-well exploration program and with a joint venture agreement in place with BW Energy, its focus has returned to the Naingopo well.
Reconnaissance Energy Africa: Great Expectations Around The New Exploration Well And JV Discussions
ReconAfrica is a Canadian oil and gas company exploring the Kavango Basin, with volatile stock performance and a market capitalization of $205M. Q4-2023 financials show a loss of $74.8M due to the sale of Mexican assets, but the divestment frees ReconAfrica from tax liabilities. Operational updates include upcoming drilling activities, new hires to strengthen the exploration team, and ongoing discussions for a potential JV partnership.
