Reconnaissance Energy Africa has completed a 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 (Pty) Ltd.
The working interests in PEL 73 now comprise ReconAfrica as operator with 70% interest; BW Energy with 20% interest, and NAMCOR with a 10% 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 ."
BW Energy acquires interests from ReconAf in PEL 73 onshore Namibia
The partners will explore the Damara Fold Belt and Rift Basin plays. (Image source: Adobe Stock)
