CALGARY,
AB, July 30, 2024 /CNW/ - Reconnaissance
Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO)
(OTCQX: RECAF) (Frankfurt: 0XD)
announces that, further to its announcement on July 16, 2024, it has entered into a definitive
farm down agreement with BW Energy Limited ("BW Energy") (OSE: BWE)
dated July 30, 2024, for the sale of
a 20% working interest in Petroleum Exploration Licence 73 ("PEL
73"), in northeast Namibia. The
terms of the agreement are as described in the press release dated
July 16, 2024.
Brian Reinsborough,
President and CEO commented: "We have demonstrated a
great start to our joint venture partnership with BW Energy by
completing the farm down agreement in such a short period of time.
This transaction maximizes cash up front for our multi-well
drilling program and provides significant cash for development
expenditures on success, while still retaining a high level of
working interest for ReconAfrica and its shareholders. We look
forward to continuing to work closely with BW Energy over the
coming years."
Completion of the transaction is expected to occur before
October 31, 2024, and is subject to
the Company receiving all necessary regulatory approvals,
including, but not limited to, approvals from certain governmental
authorities, including the Ministry of Mines and Energy ("MME") and
Namcor Exploration and Production (Pty) Ltd ("NAMCOR"), in
Namibia, and the acceptance of the
TSX Venture Exchange (the "TSXV").
About ReconAfrica
ReconAfrica is a Canadian oil and gas company engaged in the
exploration of the Damara Fold Belt and Kavango Rift Basin in the
Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum
licenses comprising ~8 million contiguous acres. In all aspects of
its operations ReconAfrica is committed to minimal disturbance of
habitat in line with international standards and will implement
environmental and social best practices in all of its project
areas.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Statements:
Certain statements contained in this press
release constitute forward-looking information under applicable
Canadian, United States and other
applicable securities laws, rules and regulations, including,
without limitation, statements with respect to the timing of
completion of the transaction, the ability of the Company to
receive all required approvals, the completion of a multi-well
drilling program, the provision of cash on success, the Company's
commitment to minimal disturbance of habitat, in line with best
international standards and its implementation of environmental and
social best practices in all of its project areas. These statements
relate to future events or future performance. The use of any of
the words "could", "intend", "expect", "believe", "will",
"projected", "estimated" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on ReconAfrica's
current belief or assumptions as to the outcome and timing of such
future events. There can be no assurance that such statements will
prove to be accurate, as the Company's actual results and future
events could differ materially from those anticipated in these
forward-looking statements as a result of the factors discussed in
the "Risk Factors" section in the Company's annual information form
dated July 29, 2024, available under
the Company's profile at www.sedarplus.ca. Actual future results
may differ materially. Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to ReconAfrica. The forward-looking information contained
in this release is made as of the date hereof and ReconAfrica
undertakes no obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
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SOURCE Reconnaissance Energy Africa Ltd.