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ReconAfrica Announces a New Petroleum Licence Covering the Eastern Extension of the Deep Kavango Basin & Farm-Out Option Agreement
ReconAfrica Announces a New Petroleum Licence Covering the Eastern Extension of the Deep K...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n\n\n\nReconAfrica Announces a New Petroleum Licence Covering the Eastern Extension of the Deep Kavango Basin & Farm-Out Option Agreement\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\nReconAfrica Announces a New Petroleum Licence Covering the Eastern Extension of the Deep Kavango Basin & Farm-Out Option Agreement\nCanada NewsWire\nVANCOUVER, BC, June 11, 2020\n\n\n\nVANCOUVER, BC, June 11, 2020 /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSXV: RECO) (OTC: RECAF) (Frankfurt: 0XD) is pleased to announce it has been granted a petroleum licence in northwestern Botswana for 2.45 million acres (9,921 km2) (the \"Licence\") and has entered into a farm-out option agreement on these lands. The Botswana lands are contiguous to the Company's 6.3 million acre petroleum licence in northeast Namibia.\n\n \n \n \n \n \n \n\n \nEastern Extension of the Kavango Basin\nAs a result of acquiring and interpreting additional tight grid regional aeromagnetic data, ReconAfrica feels it has definitively established the eastern boundary of the Kavango basin, where a deep and high potential section of the basin extends from northeast Namibia into northwest Botswana. As a consequence, ReconAfrica has successfully acquired the Licence covering the eastern part of the entire Kavango basin.\nTerms of the Licence are as follows:\n100% working interest in all petroleum rights from surface to basementAn initial 4-year exploration period, with renewals up to an additional 10 years, in accordance with the Botswana Petroleum (Exploration and Production) ActUpon declaration of commercial production, the operator holds the right to enter into a 25-year production licence with a 20-year renewal period, in accordance with the Botswana Petroleum (Exploration and Production) ActRoyalties associated with the production licence will be subject to negotiation, in accordance with the Botswana Petroleum (Exploration and Production) Act, and generally range from 3 to 10% of gross revenue from productionThe Company has committed to a minimum work program of US$432,000 ...