{"id":14407,"date":"2024-07-17T10:15:14","date_gmt":"2024-07-17T10:15:14","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14407"},"modified":"2024-07-17T10:15:14","modified_gmt":"2024-07-17T10:15:14","slug":"namibia-bw-energy-to-acquire-shares-in-reconnaissance-energy-africa-pel-73","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-bw-energy-to-acquire-shares-in-reconnaissance-energy-africa-pel-73\/","title":{"rendered":"NAMIBIA: BW Energy to Acquire Shares in Reconnaissance Energy Africa &amp; PEL 73"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">BW Energy has signed a Letter Agreement with Reconnaissance Energy Africa Ltd (ReconAfrica) to acquire approximately 16.8 million common shares and 16.8 million warrants for a total consideration of USD 16 million in ReconAfrica\u2019s announced equity raise. By participating in the equity raise, BW Energy will also receive a 20% non-operating interest in the onshore Petroleum Exploration License 73 (PEL 73) where ReconAfrica will provide BW Energy with a carry of USD 6.4 million based on the intended initial work program. BW Energy has also committed to certain contingent payments to ReconAfrica based on specific field development milestones.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PEL 73 is located in northeast Namibia, covering an area of approximately 25,341 sq km. Two exploration wells are planned to be drilled in the Damara Fold Belt Basin in the second half of 2024. The wells are targeting a combined un-risked resource potential of 489 million barrels of oil based on the most recent prospective resource report by Netherland, Sewell &amp; Associates Inc. (NSAI). After the two initial exploration wells, the partnership plans a 3D seismic survey of the Kavango Rift Basin in the second half of 2025, which may result in two additional exploration wells.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe transaction will enable BW Energy to expand its footprint in a strategically important energy region and further our position as a leader in Namibia\u2019s development towards energy independence,\u201d said Carl Krogh Arnet, the CEO of BW Energy. \u201cThe data and insights gained through ReconAfrica\u2019s exploration campaign will further our understanding of the geology and petroleum system in Namibia and help de-risk planned exploration and development of our Kudu license.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The common shares are priced at CAD 1.30 per share. The warrants have a validity of 24 months and are priced at CAD 1.70 per warrant. If specific milestones are met, BW Energy has agreed to further contingent payments to ReconAfrica of up to USD 125 million as specified below:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>USD 22.5 million upon final investment decision of a commercial development\u00a0<\/li>\n\n\n\n<li>USD 22.5 million 365 days after first oil\u00a0\u00a0<\/li>\n\n\n\n<li>USD 5 million 60 days after first sale of commercial hydrocarbon production\u00a0<\/li>\n\n\n\n<li>USD 25 million upon BW Energy achieving total cumulative Free Cash Flow (FCF) of USD 300 million\u00a0<\/li>\n\n\n\n<li>USD 25 million upon BW Energy achieving total cumulative FCF of USD 600 million\u00a0<\/li>\n\n\n\n<li>USD 25 million upon BW Energy achieving total cumulative FCF of USD 900 million\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The completion of the transaction is subject to the parties entering into a definitive agreement and the fulfilment of customary conditions precedents.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BW Energy has signed a Letter Agreement with Reconnaissance Energy Africa Ltd (ReconAfrica) to acquire approximately 16.8 million common shares and 16.8 million warrants for a total consideration of USD &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/namibia-bw-energy-to-acquire-shares-in-reconnaissance-energy-africa-pel-73\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":14408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[7742,11606,11607,8312,7589,10011],"class_list":["post-14407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-bw-energy","tag-damara-fold-belt-basin","tag-kavango-rift-basin","tag-pel-73","tag-reconafrica","tag-reconnaissance-energy-africa","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-PEL-93-1.png?fit=562%2C549&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Kn","jetpack-related-posts":[{"id":14647,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-completes-strategic-farm-down-with-bw-energy\/","url_meta":{"origin":14407,"position":0},"title":"NAMIBIA: ReconAfrica Completes Strategic Farm Down With BW Energy","author":"","date":"January 29, 2025","format":false,"excerpt":"Reconnaissance Energy Africa announces that, further to its announcements on\u00a0July 16, 2024\u00a0and\u00a0July 30, 2024\u00a0, it has completed the farm down agreement with BW Energy. The sale of a 20% working interest in Petroleum Exploration Licence 73, in northeast\u00a0Namibia, has been approved by the Namibian Ministry of Mines and Energy (MME)\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12213,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-extends-loi-national-petroleum-corporation\/","url_meta":{"origin":14407,"position":1},"title":"NAMIBIA: ReconAfrica Extends LOI National Petroleum Corporation","author":"","date":"May 5, 2022","format":false,"excerpt":"Reconnaissance Energy Africa (ReconAfrica) reports that further to its announcement on February 6, 2022, it has entered into an extension to the Letter of Intent with its partner, the National Petroleum Corporation of Namibia NAMCOR, to acquire half of NAMCOR\u2019s 10% carried participating interest in the approximate 6.3 million acres\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13812,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-receives-environmental-clearance-certificate-to-drill-12-new-wells-in-the-kavango-basin\/","url_meta":{"origin":14407,"position":2},"title":"NAMIBIA: ReconAfrica Receives Environmental Clearance Certificate to Drill 12 New Wells in the Kavango Basin","author":"","date":"July 17, 2023","format":false,"excerpt":"Reconnaissance Energy Africa it has received its Environmental Clearance Certificate (ECC) from the Office of the Environmental Commissioner, Ministry of Environment, Forestry and Tourism, coveringPEL 73 licence, which extends over an area of ~6.3 million acres (~25,000 km2), in northeastern Namibia. The ECC authorizes ReconAfrica to commence the drilling of\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Namibia-Damara-Fold.jpg?fit=750%2C418&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Namibia-Damara-Fold.jpg?fit=750%2C418&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Namibia-Damara-Fold.jpg?fit=750%2C418&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Namibia-Damara-Fold.jpg?fit=750%2C418&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10946,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-granted-a-1-year-extension-for-pel-73\/","url_meta":{"origin":14407,"position":3},"title":"NAMIBIA: ReconAfrica Granted  a 1-Year Extension for PEL 73","author":"","date":"September 30, 2021","format":false,"excerpt":"Reconnaissance Energy (ReconAfrica) and its joint venture partner NAMCOR (the state oil company of Namibia) have announced the Ministry of Mines and Energy has granted approval of a one year extension on the First Renewal Period from 29 January 2022 to 29 January 2023, relating to the approximate 6.3 million\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/07\/Namibia-East-West-Seismic.jpg?fit=750%2C443&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14388,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-spuds-the-naingopo-exploration-well-on-pel-73\/","url_meta":{"origin":14407,"position":4},"title":"NAMIBIA: ReconAfrica Spuds the Naingopo exploration well on PEL 73","author":"","date":"July 8, 2024","format":false,"excerpt":"Reconnaissance Energy Africa and its joint venture partner NAMCOR have announced the spudding of the Naingopo exploration well on Petroleum Exploration Licence 73 (PEL 73), onshore northeast\u00a0Namibia. Additionally, the Company announces a joint venture update as well as a warrant exercise update. Naingopo Exploration Well Schematic (CNW Group\/Reconnaissance Energy Africa\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-Naingopo-1.png?fit=633%2C375&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-Naingopo-1.png?fit=633%2C375&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Namibia-Naingopo-1.png?fit=633%2C375&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14448,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-bw-energy-provides-q2-2024-trading-update\/","url_meta":{"origin":14407,"position":5},"title":"GABON: BW Energy Provides Q2 2024 Trading Update\u00a0","author":"","date":"July 30, 2024","format":false,"excerpt":"BW Energy will publish financial figures for the second quarter and first half year of 2024 on Thursday, 29 August 2024.\u00a0 Net production to BW Energy was 2.14 million barrels of oil in the second quarter of 2024. This includes production from the Tortue, Hibiscus and Hibiscus South fields in\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Gabon-Dussafu-1.webp?fit=1000%2C744&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Gabon-Dussafu-1.webp?fit=1000%2C744&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Gabon-Dussafu-1.webp?fit=1000%2C744&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Gabon-Dussafu-1.webp?fit=1000%2C744&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=14407"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14407\/revisions"}],"predecessor-version":[{"id":14409,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14407\/revisions\/14409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/14408"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}