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NAMCOR and ReconAfrica Sign JOA; A Partnership that Seeks to Unlock the Vast Resource Potential in Namibia
NAMCOR and ReconAfrica Sign JOA; A Partnership that Seeks to Unlock the Vast Resource Pot...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n \n \n \n NAMCOR and ReconAfrica Sign JOA; A Partnership that Seeks to Unlock the Vast Resource Potential in Namibia\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n WINDHOEK, Namibia\n \n and\n \n VANCOUVER, BC\n \n ,\n \n June 14, 2021\n \n /CNW/ - The National Petroleum Corporation of\n \n Namibia\n \n (\"NAMCOR\") and Reconnaissance Energy Africa Ltd. (the\n \n \"\n \n Company\" or\n \n \"\n \n ReconAfrica\") (TSXV: RECO) (OTCQX: RECAF) (\n \n Frankfurt\n \n : 0XD) are pleased to announce the execution of a Joint Operating Agreement (\"JOA\") to develop the resource potential of the Kavango Sedimentary Basin,\n \n Northeast Namibia\n \n .\n \n \n \n \n \n \n \n \n \n Under the agreement, the two companies will jointly pursue an ongoing petroleum exploration program in the Kavango East and Kavango West regions of\n \n Namibia\n \n , with ReconAfrica covering the full costs to commerciality. The two companies initially entered into a Petroleum Exploration Agreement with the Government of the Republic of\n \n Namibia\n \n in 2015, under which they acquired Petroleum Licence No. 73.\n \n \n The JOA was officially executed on\n \n Friday, June 11, 2021\n \n , and signed by ReconAfrica CEO\n \n Scot Evans\n \n and NAMCOR Managing Director\n \n Immanuel Mulunga\n \n .\n \n \n \"We are delighted to have finalized the negotiations and signature of a Joint Operating Agreement (JOA) with ReconAfrica for Petroleum Exploration License No. 73. This Agreement will govern the relationship between NAMCOR and ReconAfrica; and we will collectively advance the search for oil in the Kavango Sedimentary Basin in accordance with the Laws of\n \n Namibia\n \n . We understand the hydrocarbon potential of the Kavango Basin; hence collaborating with an international company with both technical and financial capabilities such as ReconAfrica will unlock the discovery of commercially viable hydrocarbon reserves and thereby enhance economic development in the country,\" said Immanuel Mulunga, Managing Director of NAMCOR.\n \n \n \"We're pleased to fina...