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RECONAFRICA ANNOUNCES AN OPERATIONAL UPDATE, APPOINTMENT OF DIRECTORS AND THE FILING OF QUARTERLY FINANCIAL REPORTS
RECONAFRICA ANNOUNCES AN OPERATIONAL UPDATE, APPOINTMENT OF DIRECTORS AND THE FILING OF QUARTERLY...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n\n\n\n RECONAFRICA ANNOUNCES AN OPERATIONAL UPDATE, APPOINTMENT OF DIRECTORS AND THE FILING OF QUARTERLY FINANCIAL REPORTS\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.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n CALGARY, AB\n \n\n ,\n \n\n Nov. 21, 2024\n \n\n /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSXV: RECO) (OTCQX: RECAF) (\n \n Frankfurt\n \n : 0XD) (NSX: REC) announces an operational update with respect to its exploration activities on Petroleum Exploration Licence 073 (\"PEL 73\"), onshore\n \n Namibia\n \n , the appointment of directors and the filing of its financial results for the quarter ended\n \n September 30, 2024\n \n .\n \n\n\n\n\n\n\n\n\n\n Highlights\n \n\n\n\n Spud the Naingopo exploration well in the Damara Fold Belt on\n \n July 7, 2024\n \n . The well is currently drilling at a depth of 4,000 metres (13,125 feet).\n \n\n Entered into a definitive agreement with BW Energy Limited (OSE:BWE), for a 20% working interest in Petroleum Exploration Licence 073, including a\n \n $22 million\n \n (\n \n US$16 million\n \n ) equity investment to support a multi-well exploration program, and additional contingent payments of\n \n US$125 million\n \n (\n \n $171 million\n \n ), based on meeting certain development, production and cash flow milestones.\n \n\n Raised gross proceeds of\n \n $38.8 million\n \n via an underwritten public offering on\n \n July 31, 2024\n \n .\n \n\n Reduced General and Administration costs to\n \n $3.2 million\n \n from\n \n $4.1 million\n \n for the three months ended\n \n September 30, 2024\n \n compared to\n \n September 30, 2023\n \n .\n \n\n Completed the Company's first Sustainability Report.\n \n\n Granted approval for the First Renewal Exploration Period by the Department of Mines of the Republic of\n \n Botswana\n \n for PEL 001 onshore\n \n Botswana\n \n . The First Renewal Exploration Period covers the period from\n \n October 1, 2024\n \n , to\n \n September 30, 2028\n \n .\n \n\n Listed on the Namibian Stock Exchange (\"NSX\") under the symbol \...