BW Energy has generously responded to the offering. (Image source; Adobe Stock)

Ahead of the Kavango West 1X well excavation offshore Namibia, Reconnaissance Energy Africa Ltd has issued a public offering of its units following an agreement with Research Capital Corporation as the lead underwriter and sole bookrunner

BW Energy Limited, and directors and management members of ReconAfrica, among other investors, have generously responded to the offering. While BW Energy has already been on a strategic partnership with ReconAF, its fresh batch of investments in the company represents approximately 20% of the offering, increasing its share ownership position in ReconAfrica to around 7.6%. 

The net proceeds from the offering will drive exploration activities -- mainly the Kavango West 1X well -- working capital and general corporate purposes. Work on the access road and drill site is currently being completed while the company awaits receipt of the remaining requisite permits. The rig move to the Kavango West 1X well drilling location is scheduled later this month, with drilling to begin thereafter.

Brian Reinsborough, president and CEO of ReconAfrica said, "We are excited to spud one of the Company's largest and most attractive prospects, Kavango West 1X. The results of the Naingopo exploration well announced in January 2025 increased our confidence in the potential for this well. Our teams remain very engaged with local communities and authorities to ensure a safe and efficient operation of this well."

Carl K Arnet, BW Energy CEO, said, "Our technical and operational teams at BW Energy are delighted to be participating in the high potential Kavango West 1X exploration well. BW Energy is well positioned in this strategically important energy region and further our position as a leader in Namibia's development 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 and help de-risk planned exploration and development of our Kudu licence."

Petrobras is interested in nine blocks. (Image source: Adobe Stock)

Brazilian oil company, Petrobras, has submitted a declaration of interest for exploratory blocks on the offshore areas of the Ivory Coast

The Ivory Coast government, through its Council of Ministers, approved Petrobras' declaration of interest for nine blocks. This is the first phase in the acquisition process for exploratory areas in the region, which is then followed by contractual negotiations of the exploratory blocks.

The purpose of the declaration is to ensure exclusivity in the contractual negotiation phase.

Petrobras highlights that the decision to submit the declaration of interest to the Ivory Coast government complied with all of the company's internal governance procedures, in line with its longterm strategy, which is aimed at replenishing oil and gas reserves by exploring new frontiers, both in Brazil and internationally.

The evaluation of new areas is targeted at diversifying the company’s exploratory portfolio and generating value. Any material developments will be promptly disclosed to the market

The agreement remains subject to relevant approvals. (Image source: Adobe Stock)

Deepwater ocean-infrastructure designer, SBM Offshore, has signed a share purchase agreement for the full divestment of the company’s equity interest in the lease and operating entities of the FPSO Aseng to GEPetrol

SBM Offshore’s exit from Equatorial Guinea will take place following a 12-month- long operational transition phase.

SBM Offshore’s sale of its participation in the unit in Equatorial Guinea is in line with its strategy to rationalise its Lease & Operate portfolio, as per other recent transactions.

The agreement remains subject to several conditions precedent and approvals.

Through the design, construction, installation, and operation of offshore floating facilities, SBM Offshore endeavours to advance just transition, ensuring cleaner, more efficient energy production. 

The MOU includes approval to drill up to 20 additional wells in the Jubilee field. (Image source: Adobe Stock)

The Government of Ghana, Tullow Oil, Kosmos Energy, PetroSA, Ghana National Petroleum Corporation and Explorco have entered into a Memorandum of Understanding to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licences to 2040, which cover the Jubilee and TEN fields in Ghana

The MOU includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to US$2bn in Ghana over the life of the licences. As a result of the extension the JV partnership expects to realise a material increase in gross 2P reserves.

The MOU reinforces to increase in the supply of gas from the Jubilee and TEN fields to c.130 mmscf/d, achieve reduced gas price for Jubilee associated gas, guaranteed reimbursement mechanism for gas sales, investment in GNPC and the Petroleum Commission’s capacity with a focus on the use of advanced technology, among others.

The next steps, following this MOU, are the submission for approval of a Jubilee Plan of Development (PoD) Addendum, entering into new fully termed gas sales agreements (GSA), and the submission for parliamentary approval of the payment security mechanism and licence extensions planned before the end of the third quarter of 2025.

John Abdulai Jinapor, Ghana’s Minister for Energy and Green Transition, said, “This Memorandum of Understanding between the Republic of Ghana and the DWT and WCTP partners marks a significant step forward in our nation's energy sector. Extending the licenses to 2040 demonstrates our commitment to fostering a stable and attractive investment climate. This MOU will not only ensure the continued production of oil, supporting our economic growth, but also allow us to further develop our infrastructure and create more job opportunities for our citizens. We are dedicated to responsible resource management and look forward to a prosperous future fuelled by sustainable energy practices.”

Richard Miller, chief financial officer and interim chief executive officer of Tullow, said, “This is a valuable step forward for the Government of Ghana, Tullow and our JV partners, highlighting the collaborative and constructive relationship we all have in reaching our shared goal of building a better future for the people of Ghana, through responsible oil and gas development. This extension and the fiscal stability of our contracts emphasizes the opportunity Ghana represents to deliver additional value through production and reserves additions, providing greater long-term optionality and materiality to these core assets.”

Andy G. Inglis, chairman and CEO of Kosmos, said, "This memorandum of understanding recognizes the importance of oil and gas in Ghana and the desire of the new administration to create an attractive environment for new investment in the sector. Extending the Ghana production licenses is highly accretive, adding material reserves and enabling the partnership to continue investing in the country for the long-term. This investment is expected to maximize the value of the fields for the benefit of the country’s economic development and Kosmos’ shareholders. We look forward to working with President Mahama and his government to invest in and advance Ghana’s energy sector."