08:53 AM EST, 01/29/2025 (MT Newswires) -- Reconnaissance Energy Africa ( RECAF ) on Wednesday said it completed the farm down agreement with BW Energy on Petroleum Exploration Licence 73.

The company said the sale of a 20% working interest in PEL 73, in northeast Namibia, has been approved by the Namibian Ministry of Mines and Energy and Namcor Exploration and Production. The working interests in PEL 73 by ReconAfrica, BW Energy, NAMCOR are now 70%, 20% and 10%, respectively.

"We look forward to working with BW Energy as we continue to explore the Damara Fold Belt and Rift Basin plays," said Reconnaissance Energy Chief Executive Brian Reinsborough. "The results of the Naingopo exploration well will be released shortly following third party analysis of our extensive evaluation program, which was undertaken after the completion of drilling operations on the well. Results have been delayed due to transportation of side wall cores and fluid samples over the holiday period. All samples have now arrived with our third parties and are being analysed."

Shares of the company closed up $0.020 or 2%, to $0.990 on Tuesday on the TSX Venture Exchange.