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The latest announcement is out from Reconnaissance Energy Africa ( (TSE:RECO) ).
Reconnaissance Energy Africa has completed a strategic farm down agreement with BW Energy, selling a 20% working interest in its Petroleum Exploration Licence 73 in northeast Namibia. This move, approved by the Namibian Ministry of Mines and Energy, realigns the working interests with ReconAfrica holding 70%, BW Energy 20%, and NAMCOR 10%. This collaboration is expected to enhance the exploration and understanding of Namibia’s geology and petroleum systems, positioning BW Energy as a key player in Namibia’s energy independence efforts.
More about Reconnaissance Energy Africa
Reconnaissance Energy Africa is a Canadian oil and gas company involved in the exploration of the Damara Fold Belt and Kavango Rift Basin located in the Kalahari Desert of northeastern Namibia and northwestern Botswana. The company holds petroleum licenses covering approximately 8 million contiguous acres and is committed to minimizing habitat disturbance while adhering to international environmental and social standards.
YTD Price Performance: -3.88%
Average Trading Volume: 312,915
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: C$257M
See more data about RECO stock on TipRanks’ Stock Analysis page.
