ReconAfrica finalises deal to increase stake in Namibia permit
Canada-listed Reconnaissance Energy Africa (ReconAfrica) has finalised the deal to acquire half of state-owned Namcor’s 10% carried participating interest in PEL 73 in Namibia’s Kavango basin, it said on September 22. The initial agreement was signed earlier this year.
The deal is expected to close before the end of 2022 and is subject to the company receiving all necessary regulatory approvals.
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ReconAfrica is a junior oil and gas company engaged in the development of the newly discovered Kavango basin, in northeast Namibia, where it holds a working interest in a 25,500-km2 petroleum licence. It started drilling the first of three planned wells at the site early last year.