VANCOUVER, BC, March 1, 2024 /PRNewswire/ – Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV:RECO) (OTCQX:RECAF) (Frankfurt: 0XD) announces the filing of its financial results for the quarter ended December 31, 2023.
HIGHLIGHTS
Re-initiated the farmout joint venture process in December 2023 with completion expected in April 2024. The bid deadline was extended to allow participating companies time to incorporate the updated resource report on the Damara Fold Belt currently being evaluated by Netherland, Sewell & Associates (“NSAI”), and expected to be completed in March 2024.
Completed the sale of Renaissance Oil Corp., holder of the Mexican assets, for deemed gross proceeds of approximately $10.3 million (US$7.5 million), resulting in a gain on sale of $85.3 million and a reduction in net liabilities of $85.6 million.
ReconAfrica and its joint venture partner the National Petroleum Corporation of Namibia (“NAMCOR”) were granted approval for the Second Renewal Exploration Period by the Ministry of Mines and Energy (“MME”), which covers the period from January 30, 2024 to January 29, 2026. As part of the approval for the Second Renewal Exploration Period, the Company requested and has been granted a relinquishment exemption and has retained 100% of the original acreage.
Received key land access approvals and completed the surveying, demining and debushing for Damara Fold Belt – Prospect L, which will be the first well to be drilled in the upcoming multi-well …
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