{"id":8368,"date":"2020-06-18T07:06:06","date_gmt":"2020-06-18T07:06:06","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8368"},"modified":"2020-06-18T07:06:06","modified_gmt":"2020-06-18T07:06:06","slug":"renaissance-oil-to-acquire-50-interest-in-botswanas-kavango-basin","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/renaissance-oil-to-acquire-50-interest-in-botswanas-kavango-basin\/","title":{"rendered":"Renaissance Oil to Acquire 50% Interest in Botswana&#8217;s Kavango Basin"},"content":{"rendered":"<p>Renaissance Oil Corp.\u00a0 has entered into a binding letter agreement to acquire an option for a 50% working interest, in all rights from surface to basement, in a large Petroleum Licence, comprising 2.45 million acres in the Kavango sedimentary basin, in Botswana, Africa (the \u201cLicence\u201d).<\/p>\n<p>Due to political and regulatory changes in Mexico, the Board of Directors of Renaissance has determined that until government policies become more favorable, it is in the best interest of shareholders for management to diversify the Company\u2019s interests outside of Mexico. The Company will maintain its existing, high potential assets, within Mexico.<\/p>\n<p>Pursuant to the Letter Agreement, a private company controlled by Mr. Steinke, CEO of Renaissance. has agreed to assign its interest in a farm-out option agreement with a subsidiary of Reconnaissance Energy Africa Ltd.\u00a0 (ReconAfrica), for C$100,000 cash and the issuance of 30 million common shares of the Company at a deemed price of $0.04 per share (using the 30 day volume weighted trading average) for an aggregate purchase price of C$1.3 million.<\/p>\n<p>The Option Agreement will provide Renaissance with the option to acquire a 50% working interest in the Licence, exercisable at any time for up to a period of 36 months upon: (i) payment of C$1M, if exercised within 18 months, or C$1.5 M if exercised after 18 months; and (ii) the approval of the Botswana Department of Mines and Ministry of Mineral Resources, Green Technology and Energy Security.<\/p>\n<p>\u201cThe option will provide Renaissance with an important and potentially high impact oil and gas play, through the opening of the Kavango basin, a previously unrecognized, deep sedimentary basin in northwestern Botswana and northeastern Namibia. Botswana is considered a stable, industry friendly jurisdiction which offers some of the most attractive fiscal terms worldwide. This low cost three year option provides excellent value for Renaissance shareholders,\u201d said Ian Telfer, director of Renaissance.<\/p>\n<p><strong>The Botswana Petroleum Licence<\/strong><br \/>\nThe key terms of Licence are as follows:<\/p>\n<ul>\n<li>A 100% working interest in all petroleum rights from surface to basement covering 2.45 million acres in northwestern Botswana. The deep Kavango Basin offers both large scale conventional and non-conventional play types.<\/li>\n<li>An initial 4-year exploration period, with renewals up to an additional 10 years, in accordance with the Botswana Petroleum (Exploration and Production) Act.<\/li>\n<li>Upon declaration of commercial production, the licence holder(s) have the right to enter into a 25-year production licence with a 20-year renewal period, in accordance with the Botswana Petroleum (Exploration and Production) Act.<\/li>\n<li><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-8370 size-full\" src=\"https:\/\/i0.wp.com\/oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Kavango-Basin.jpg?resize=699%2C508\" alt=\"\" width=\"699\" height=\"508\" srcset=\"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Kavango-Basin.jpg?w=699&amp;ssl=1 699w, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Kavango-Basin.jpg?resize=600%2C436&amp;ssl=1 600w, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Kavango-Basin.jpg?resize=300%2C218&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Kavango-Basin.jpg?resize=100%2C73&amp;ssl=1 100w\" sizes=\"auto, (max-width: 699px) 100vw, 699px\" \/><\/li>\n<\/ul>\n<p>Royalties associated with the production licence will be subject to negotiation, in accordance with the Botswana Petroleum (Exploration and Production) Act, and generally range from 3 to 10% of gross revenue from production.<\/p>\n<p>By the terms of the Licence the operator, ReconAfrica, is committed to a minimum work program of US$432,000 over the first 4-year exploration period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Renaissance Oil Corp.\u00a0 has entered into a binding letter agreement to acquire an option for a 50% working interest, in all rights from surface to basement, in a large Petroleum &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/renaissance-oil-to-acquire-50-interest-in-botswanas-kavango-basin\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8369,"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":true,"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":[342,7588,7587,7589,7586],"class_list":["post-8368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-botswana","tag-botswana-petroleum-exploration-and-production-act","tag-kavango-basin","tag-reconafrica","tag-renaissance-oil","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Kavango-Basin-2.jpg?fit=646%2C429&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2aY","jetpack-related-posts":[{"id":11790,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-seeks-more-control-in-the-kavango-basin-for-27m\/","url_meta":{"origin":8368,"position":0},"title":"NAMIBIA: ReconAfrica Seeks More Control in the Kavango Basin for $27M","author":"","date":"February 8, 2022","format":false,"excerpt":"Reconnaissance Energy Africa has announced it has entered into a Letter of Intent with its partner, the National Petroleum Company of Namibia (NAMCOR) to acquire half of NAMCOR\u2019s 10% carried participating interest in the approximate 6.3 million acres petroleum exploration licence (PEL 73) in the Kavango basin, NE Namibia. Consideration\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":8541,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-botswana-reconafrica-completes-technical-evaluation-of-the-conventional-structures-throughout-the-entire-kavango-basin\/","url_meta":{"origin":8368,"position":1},"title":"NAMIBIA &#038; BOTSWANA: Reconafrica Completes Technical Evaluation of the Conventional Structures Throughout The Entire Kavango Basin","author":"","date":"July 8, 2020","format":false,"excerpt":"Reconnaissance Energy Africa Ltd has pleased to announce the Company has completed a comprehensive subsurface evaluation delineating large scale, prospective conventional hydrocarbon bearing structures, throughout the entire Kavango Basin. The primary objective of ReconAfrica\u2018s initial three well drilling program, scheduled for Q4 of 2020, is to confirm a thick, active,\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\/2020\/07\/Kavango-Basin-1.jpg?fit=578%2C387&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Kavango-Basin-1.jpg?fit=578%2C387&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Kavango-Basin-1.jpg?fit=578%2C387&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12213,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-extends-loi-national-petroleum-corporation\/","url_meta":{"origin":8368,"position":2},"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":9624,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-reconafrica-to-drill-in-the-kavango-basin-this-january\/","url_meta":{"origin":8368,"position":3},"title":"NAMIBIA: ReconAfrica to Drill in the Kavango Basin this January","author":"","date":"January 3, 2021","format":false,"excerpt":"Reconnaissance Energy Africa Ltd. ReconAfrica has provided an operations update as the Company prepares to drill the deep Kavango Basin in the Kalahari Desert\u00a0of North East Namibia and\u00a0North West Botswana. Operations The well-site for the first well (6-2) in the Kavango basin and the associated camp were completed, on schedule,\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\/01\/ReconAfrica-Rig.jpg?fit=403%2C518&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10440,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-namcor-reconafrica-sign-joa-that-seeks-to-unlock-oil-gas-potential\/","url_meta":{"origin":8368,"position":4},"title":"NAMIBIA: NAMCOR, ReconAfrica Sign JOA that Seeks to Unlock Oil &#038; Gas Potential","author":"","date":"June 15, 2021","format":false,"excerpt":"The National Petroleum Corporation of Namibia (NAMCOR) and Reconnaissance Energy Africa Ltd. have announce the execution of a Joint Operating Agreement (JOA) to develop the resource potential of the Kavango Sedimentary Basin, Northeast Namibia. Under the agreement, the two companies will jointly pursue an ongoing petroleum exploration program in the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9655,"url":"https:\/\/www.oilnewskenya.com\/index.php\/republic-of-botswana-and-reconafrica-amend-exploration-license-to-exclude-entire-tsodilo-hills-area\/","url_meta":{"origin":8368,"position":5},"title":"Botswana, ReconAfrica Amend Exploration License to Exclude Entire Tsodilo Hills Area","author":"","date":"January 6, 2021","format":false,"excerpt":"Exploration License 001\/2020 ReconAfrica recognizes and accepts the importance of pertinent cultural and historical sites. As such the Tsodilo Hills, located in north-west Botswana near the Namibian Border, an UNESCO World Heritage Site, has always been recognized by our Company, as a site with this specific, highly important, designation. To\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\/01\/Kavango-Basin-2.jpg?fit=646%2C429&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/01\/Kavango-Basin-2.jpg?fit=646%2C429&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/01\/Kavango-Basin-2.jpg?fit=646%2C429&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8368","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=8368"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8368\/revisions"}],"predecessor-version":[{"id":8371,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8368\/revisions\/8371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8369"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=8368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=8368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=8368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}