Reconnaissance Energy Africa (TSE:RECO) has released an update.
Reconnaissance Energy Africa Ltd. has struck a deal to farm down 20% of its working interest in the PEL 73 area, northeast Namibia, to BW Energy, aiming to enhance its multi-well drilling program and retain significant interest for its shareholders. The agreement promises upfront cash and further development funds upon successful drilling, with transaction completion and regulatory approvals anticipated by October 31, 2024.
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