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ReconAfrica Announces Strategic Partnership with BW Energy for Onshore Namibia Exploration and C$35 Million Offering

Jul 16, 2024•almost 2 years ago

Contract Type

partnership

CalgaryOil And Gas

Description

Reconnaissance Energy Africa Ltd. has signed a letter agreement with BW Energy Limited for a strategic farm down of Petroleum Exploration Licence 73 (PEL 73) in onshore Namibia, with BW Energy acquiring a 20% working interest. Additionally, ReconAfrica has entered into a strategic equity investment agreement with BW Energy for approximately C$22 million, and a brokered equity offering for gross proceeds of C$35 million. The net proceeds from the offering will be used for exploration activities, working capital, and general corporate purposes.

Company Information

Company

Reconnaissance Energy Africa

Location

1250, 635 - 8TH AVE. S.W.

Calgary, Alberta, Canada

About

ReconAfrica is a Canadian-based oil and gas company working collaboratively with national governments to explore oil and gas potential in Northeast Namibia and Northwest Botswana – the Kavango Sedimentary Basin.

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Agreement Insights

Based on industry data
Strategic partnership established
Partnership agreements typically involve technology integration and joint go-to-market strategies
Contract momentum indicator
Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months

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