BW Energy acquires 20% non-operating interest in PEL 73 in NE Namibia from ReconAfrica for $16M.
BW Energy signed a Letter Agreement with ReconAfrica, acquiring 16.8 million shares & warrants for $16M in ReconAfrica's equity raise. The deal grants BW Energy a 20% non-operating interest in Petroleum Exploration License 73 (PEL 73) in NE Namibia. Two exploration wells are planned in Damara Fold Belt Basin in 2024, targeting 489M barrels of oil. BW Energy may make contingent payments up to $125M if certain milestones are met.
July 17, 2024
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