Namibian Mining News The Professional Mining Journal
Related Articles
Along with significant updates on exploratory activities in Namibia and a significant expansion into Angola, ReconAfrica has revealed its financial and operational results for the first quarter of 2025.
Preparations for drilling Prospect I, the company’s largest target to far, are going well, according to President and CEO Brian Reinsborough. “Management is still enthusiastic about this exploration target, and ReconAfrica is pushing Prospect I closer to spud,” Reinsborough stated. “Our recent expansion into Angola, where we have gained access to more than five million acres of potential land, is another exciting development that expands our footprint in the Etosha-Okavango Basin.”
The company noted it is approaching its growing portfolio with care and responsibility, working closely with stakeholders, local communities, and government partners.
During the first quarter and in the weeks following, several milestones were reached. On January 29, the Namibian Ministry of Mines and Energy approved the previously announced farm-down agreement with BW Energy, under which BW acquired a 20 percent working interest in Petroleum Exploration License 73 (PEL 73). The following day, results from the Naingopo well helped guide the selection of Prospect I as the next drill location.
A Memorandum of Understanding for a cooperative onshore exploration project in southeast Angola was signed between ReconAfrica and the National Oil, Gas and Biofuels Agency (ANPG) on April 17. The company’s holdings now includes 5.2 million acres, including this additional land adjacent to PEL 73. In addition to Mark Friesen, CFA, joining the organization on May 21 as Managing Director of Investor Relations and Capital Markets, an updated NSAI resource report was submitted on April 30.
Prospect I is situated in the Kavango Basin of Namibia on PEL 73. The Naingopo well, which detected oil at the surface in drilling mud and verified the existence of a carbonate reservoir in the Damara Fold Belt, had an impact on the choice to give this target top priority.
ReconAfrica has already obtained local consents and engaged in a significant amount of stakeholder engagement. Pre-construction tasks including site clearance, de-mining, and access road development are in progress, and the permitting procedure is almost finished.
In late June, the business anticipates moving the rig, and spudding will follow soon after. The management made it clear that any modifications to the schedule would only be logistical and would not affect the company’s optimistic assessment of the situation.
An important step in ReconAfrica’s larger regional plan has been taken with the inclusion of Angola in its activities. The corporation claims it is in a good position to keep expanding its exploratory operations while upholding international environmental and social standards, with almost 13 million contiguous acres now under license throughout Namibia, Angola, and Botswana.
