Petroleum Africa
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Friday, September 23, 2022
Reconnaissance Energy Africa (ReconAfrica) announced that, further to its announcement on February 6, it has entered into a definitive purchase and sale agreement with its partner, state firm Namcor Exploration and Production (NAMCOR) dated September 21, to acquire half of NAMCOR’s 10% carried participating interest in the approximate 6.3 million acres petroleum exploration license (PEL 73) in the Kavango basin, NE Namibia.
Completion of the transaction is expected to occur before the end of 2022 and is subject to the company receiving all necessary regulatory approvals, including, but not limited to, approvals from a number of governmental authorities, including the Namibia Ministry of Mines and Energy, and the acceptance of the TSX Venture Exchange.
All terms of the Transaction are as otherwise previously disclosed.
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