Reconnaissance Energy Africa CEO Brian Reinsborough Discusses key company developments in Q1

Proactive - Interviews for investors

Reconnaissance Energy Africa CEO Brian Reinsborough joined Steve Darling from Proactive to provide an update on the company’s financial performance for the recent quarter, highlighting several key developments. Reinsborough discussed the progress on the Naingopo exploration well, which has reached a depth of over 2,400 meters (7,875 feet). This well is a significant project, targeting 181 million barrels of unrisked prospective light/medium oil resources or 937 billion cubic feet of prospective natural gas resources. In addition to operational progress, the company made a strategic move by entering into a definitive farm down agreement with BW Energy. This agreement involves the sale of a 20% working interest in Petroleum Exploration Licence 73, located in northeast Namibia. As part of the deal, BW Energy has made a $22 million strategic equity investment in Reconnaissance Energy Africa to support a multi-well exploration program. The agreement also includes contingent payments of up to $171 million, which will be triggered upon meeting certain development, production, and cash flow milestones. Reinsborough also highlighted the company’s ongoing efforts to improve its financial health. Reconnaissance Energy Africa has achieved nearly a million dollars in savings on General and Administrative (G&A) costs in Q1 2024 compared to the same period last year. Additionally, the company has announced its inaugural Sustainability Report, which will be made available on its website in the coming weeks. This report will provide insights into the company's commitment to sustainable practices and its impact on the environment and communities in which it operates. #proactiveinvestors #reconnaissanceenergyafricaltd #tsxv #reco #otcqx #recaf #OilExploration #Namibia #EnergySector #CEOInterview #OilProspects #BWenergy #Sustainability #OilAndGas #EnergyInvesting#invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews