Reconnaissance Energy Stock Price, News & Analysis

ReconAfrica (RECAF) announced several key updates: Mark Friesen has been appointed as the new Managing Director of Investor Relations and Capital Markets, replacing Grayson Andersen. Friesen brings extensive energy finance experience and holds a CFA designation. The company also provided an update on its pending NAMCOR transaction announced in September 2022, stating that discussions are ongoing but not yet completed. Additionally, ReconAfrica plans to extend the expiry date of approximately 7.87 million warrants by 18 months. This includes extending 6.79 million July Warrants to January 18, 2027 (CAD $1.35 exercise price) and 1.07 million September Warrants to February 1, 2027 (CAD $1.40 exercise price). The warrant extension requires TSX Venture Exchange approval.

ReconAfrica has announced significant developments in its Namibian oil exploration operations. The company completed a strategic farm down with BW Energy, transferring 20% working interest in PEL 73, while maintaining 70% ownership (10% held by NAMCOR). The deal includes a $22 million equity investment and potential $180 million in contingent payments.

Key operational highlights include completing the Naingopo exploration well, which proved hydrocarbon potential in the Damara Fold Belt. The upcoming Prospect I well targets 346 million barrels of unrisked prospective oil resources. The NSAI Report revealed 12.8 billion barrels of undiscovered original oil in place in the Damara Fold Belt play.

The company strengthened its governance by appointing Diana McQueen as Board Chair and raised $56.3 million through public offerings. ReconAfrica also published its first Sustainability Report and secured listing on the Namibian Stock Exchange.

ReconAfrica (RECAF) has signed a Memorandum of Understanding (MOU) with Angola's National Oil, Gas and Biofuels Agency (ANPG) for a joint exploration project in the Etosha-Okavango basin. The agreement adds 5.2 million acres in Angola to ReconAfrica's existing 6.3 million acres in Namibia, focusing on the Damara Fold Belt and Rift Basin plays.

Under the MOU, ReconAfrica will hold an 80% working interest, with Sonangol holding the remaining 20%. The 24-month agreement involves geological studies, regional oil and gas seep analysis, 2D seismic program planning, and detailed geochemical sampling.

Additionally, ReconAfrica is preparing to drill Prospect I in Namibia, targeting 365 million barrels of unrisked prospective light/medium oil resources or 1.9 trillion cubic feet of unrisked prospective natural gas resources.

ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has provided an update on its drilling plans for Prospect I in Namibia's Petroleum Exploration Licence 073. The prospect represents the company's largest drilling target to date, with potential resources of 365 million barrels of unrisked (32 million risked) prospective light/medium oil, or 1.9 trillion cubic feet of unrisked (140 billion cubic feet risked) prospective natural gas.

The drilling operation targets a depth of 3,800 metres with potential to drill deeper. The Otavi section is expected to be approximately 1,500-1,800 metres thick. The company's recent Naingopo exploration well, announced in January 2025, has enhanced their understanding of the Damara Fold Belt and increased confidence in Prospect I's potential, particularly after encountering over 50 metres of reservoir quality carbonates and oil shows.

ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has announced the acceleration of its drilling schedule, moving the spud date for Prospect I into Q2 2025. The company has completed initial surveying and is conducting debushing activities, with demining operations planned in the coming weeks.

Prospect I, one of the largest mapped structures in the Damara Fold Belt, is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or alternatively, 1.7 trillion cubic feet of unrisked and 126 billion cubic feet of risked prospective natural gas resources (100% working interest basis), according to Netherland, Sewell, & Associates.

The company expects to penetrate over 1,500 metres of Otavi reservoir. The project has been derisked by results from their first Damara Fold Belt well, Naingopo, which encountered reservoir in the Otavi carbonates, hydrocarbon shows, and oil to surface.

ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has announced an upcoming webinar and conference call for investors and analysts scheduled for Thursday, February 13, 2025, at 11:00 am Eastern Time. The event will feature presentations from Brian Reinsborough, President and CEO, and Chris Sembritzky, Senior Vice President, Exploration.

Investors and analysts are encouraged to submit their questions in advance to investors@reconafrica.com. Participants can join through the provided RapidConnect URL, Audience URL, or via toll-free phone number for North America (+1-888-510-2154). A replay of the conference call will be available until February 20, 2025, at 11:59 pm Eastern Time, accessible through the toll-free number +1-888-660-6345 with entry code 38176#.

ReconAfrica has completed drilling operations on the Naingopo exploration well in Namibia, reaching a total depth of 4,184 metres (13,727 feet), exceeding the original target of 3,800 metres. The company will now conduct comprehensive evaluation including wireline logging, coring, MDT sampling, and VSP testing. The Naingopo well targets 181 million barrels of unrisked or 15 million barrels of risked prospective light/medium oil resources, alternatively 937 billion cubic feet of unrisked or 65 billion cubic feet of risked prospective natural gas resources. Preliminary results are expected in the coming weeks, after which the company plans to move to the Kumbundu well location.

ReconAfrica provided an operational update for its exploration activities in Namibia. Key developments include: drilling the Naingopo exploration well at 4,000 meters depth; securing a partnership with BW Energy for a 20% working interest in PEL 73, including a $22M investment and potential $171M in milestone payments; raising $38.8M through a public offering; reducing administrative costs to $3.2M from $4.1M year-over-year; and receiving approval for the First Renewal Exploration Period in Botswana. The company also completed construction activities for the Kambundu exploration well and appointed new directors, including W. Derek Aylesworth and CEO Brian Reinsborough to the Board.

ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has announced key operational updates and financial results for Q2 2024. Highlights include:

1. Drilling of the Naingopo exploration well past 2,400 meters, with primary objectives still ahead.
2. A farm-down agreement with BW Energy, selling a 20% working interest in PEL 73 for $22 million upfront and potential $171 million in contingent payments.
3. Successful fundraising of $56.3 million through public offerings.
4. Reduced G&A costs by $1 million compared to Q2 2023.
5. Enhanced governance with new board appointments.

The company is also set to release its first Sustainability Report. Operationally, the Naingopo well is progressing as planned, and preparations for the Kambundu (Prospect P) well are underway. ReconAfrica remains focused on its multi-well exploration program in Namibia.