CALGARY,
AB, Jan. 29, 2025 /CNW/ - Reconnaissance
Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO)
(OTCQX: RECAF) (Frankfurt: 0XD)
(NSX: REC) announces that, further to its announcements on
July 16, 2024 and July 30, 2024, it has completed the farm down
agreement with BW Energy Limited ("BW Energy")(OSE:BWE). 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 ("MME")
and Namcor Exploration and Production (Pty) Ltd ("NAMCOR"). The
working interests in PEL 73 are now:
- ReconAfrica, operator, 70% working interest;
- BW Energy 20% working interest; and
- NAMCOR 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.
"The results of the Naingopo exploration well will be released
shortly following third party analysis of our extensive evaluation
program, which was undertaken after the completion of drilling
operations on the well. Results have been delayed due to
transportation of side wall 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."
About ReconAfrica
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
licences comprising ~8 million contiguous acres. In all aspects of
its operations, ReconAfrica 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.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary
Note Regarding Forward-Looking Statements:
Certain statements contained in this press release constitute
forward-looking information under applicable Canadian, United States and other applicable securities
laws, rules and regulations, including, without limitation,
statements with respect to the results of the Naingopo
exploration well, the Company's commitment to minimal disturbance
of habitat, in line with best international standards and its
implementation of environmental and social best practices in all of
its project areas. These statements relate to future events or
future performance. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated" and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on ReconAfrica's current belief or
assumptions as to the outcome and timing of such future events.
There can be no assurance that such statements will prove to be
accurate, as the Company's actual results and future events could
differ materially from those anticipated in these forward-looking
statements as a result of the factors discussed in the "Risk
Factors" section in the Company's annual information form dated
July 29, 2024, available under the
Company's profile at www.sedarplus.ca. Actual future
results may differ materially. Various assumptions or factors are
typically applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to ReconAfrica. The forward-looking information contained
in this release is made as of the date hereof and ReconAfrica
undertakes no obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
SOURCE Reconnaissance Energy Africa Ltd.
