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RECONAFRICA ANNOUNCES AN OPERATIONS UPDATE, FILING OF QUARTERLY FINANCIAL REPORTS AND FIRST SUSTAINABILITY REPORT
RECONAFRICA ANNOUNCES AN OPERATIONS UPDATE, FILING OF QUARTERLY FINANCIAL REPORTS AND FIRST SUSTA...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n\n\n\n RECONAFRICA ANNOUNCES AN OPERATIONS UPDATE, FILING OF QUARTERLY FINANCIAL REPORTS AND FIRST SUSTAINABILITY REPORT\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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\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 Aug. 29, 2024\n \n\n /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSXV: RECO) (OTCQX: RECAF) (\n \n Frankfurt\n \n : 0XD) announces an operational update, the filing of its financial results for the quarter ended\n \n June 30, 2024\n \n and the release of the Company's first Sustainability Report.\n \n\n\n\n\n\n\n\n\n\n HIGHLIGHTS\n \n\n\n\n Spud the Naingopo exploration well, which is currently drilling at a depth past 2,400 metres or 7,875 feet. All primary objectives are below the current drilling depth.\n \n\n\n\n Entered into a definitive farm down agreement with BW Energy Limited (\"BW Energy\") (OSE:BWE), for the sale of a 20% working interest in Petroleum Exploration Licence 73 (\"PEL 73\"), in northeast\n \n Namibia\n \n . Under the terms of the agreement BW Energy made a\n \n $22 million\n \n strategic equity investment in the Company to support a multi-well exploration program, and additional contingent payments of\n \n $171 million\n \n , based on meeting certain development, production and cash flow milestones.\n \n\n\n\n Raised gross proceeds of\n \n $38.8 million\n \n via an underwritten public offering in\n \n July 2024\n \n .\n \n\n\n\n Raised gross proceeds of\n \n $17.5 million\n \n via bought deal public offering in\n \n April 2024\n \n .\n \n\n\n\n Reduced General and Administration costs to\n \n $3.2 million\n \n from\n \n $4.2 million\n \n for the three months ended\n \n June 30, 2024\n ...