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VANCOUVER, BC, June 3, 2021 /CNW/ - Reconnaissance Energy Africa Ltd. (the Company or ReconAfrica ) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) announces the Company has set intermediate casing and is pleased to report geologic results in the first section of this second well (6-1), which again confirms a working petroleum system in the Kavango Sedimentary Basin. As well, the Company is strengthening its Environment, Social & Governance ( ESG ) standard and committing a minimum of Canadian $10mm (Namibian $112mm) of ESG expenditures to the Kavango region in which it operates.
Drilling Operations
In keeping with its commitment to the Namibian government, on May 5, 2021 the Company commenced drilling operations of its second well (6-1), of an initial three well program to continue the evaluation of working conventional hydrocarbon systems confirmed in the first well (6-2) in the Kavango Sedimentary Basin.
Evolution Petroleum Announces Closing of the Barnett Shale Acquisition
ACCESSWIRE
Purchase of Minerals and Non-operated Working Interests in Long-Life, Liquids Rich Barnett Shale
Increases Scale and Further Diversifies Assets
Accretive Transaction Supports the Company s Long-Term Dividend Strategy
HOUSTON, TX / ACCESSWIRE / May 10, 2021 / Evolution Petroleum (NYSE American:EPM) ( Evolution or the Company ) announced today the closing of the acquisition of non-operated oil and gas assets in the Barnett Shale (the Transaction ) from TG Barnett Resources, LP ( TGBR ), a wholly owned subsidiary of Tokyo Gas Americas, Ltd. ( Tokyo Gas ) for $18.2 million, net of preliminary purchase price adjustments. The final purchase price before adjustments of the Transaction was $19.6 million in cash, with an effective date of January 1, 2021 and a closing date of May 7, 2021. The Company acquired substantially all of the assets, however a portion of the non-operated dry gas working interests
Evolution Petroleum Announces Closing of the Barnett Shale Acquisition
ACCESSWIRE
Purchase of Minerals and Non-operated Working Interests in Long-Life, Liquids Rich Barnett Shale
Increases Scale and Further Diversifies Assets
Accretive Transaction Supports the Company s Long-Term Dividend Strategy
HOUSTON, TX / ACCESSWIRE / May 10, 2021 / Evolution Petroleum (NYSE American:EPM) ( Evolution or the Company ) announced today the closing of the acquisition of non-operated oil and gas assets in the Barnett Shale (the Transaction ) from TG Barnett Resources, LP ( TGBR ), a wholly owned subsidiary of Tokyo Gas Americas, Ltd. ( Tokyo Gas ) for $18.2 million, net of preliminary purchase price adjustments. The final purchase price before adjustments of the Transaction was $19.6 million in cash, with an effective date of January 1, 2021 and a closing date of May 7, 2021. The Company acquired substantially all of the assets, however a portion of the non-operated dry gas working interests
(1)
Increases Next Dividend Payment by 67%
HOUSTON, TX / ACCESSWIRE / May 10, 2021 / Evolution Petroleum (NYSE American:EPM) ( Evolution or the Company ) announced today financial results and operating highlights for its fiscal third quarter ended March 31, 2021 (the current quarter ).
Highlights for the Quarter:
Declared a $0.05 per share dividend for the 4
th fiscal quarter payable on June 30, 2021, representing a 67% increase from the prior quarter.
Closed on substantially all of the previously announced acquisition of non-operated oil and gas assets in the Barnett Shale for $18.2 million, net of preliminary purchase price adjustments, on May 7, 2021.
Increased total revenues 32% over the prior quarter to $7.6 million.
Generated cash flow in excess of quarterly dividend and ended the quarter with $17.0 million in cash and no debt, net of the $2.3 million acquisition purchase price deposit.
ReconAfrica makes onshore Namibia find
Reconnaissance Energy Africa has found oil and gas indicators and shows over three intervals at its first well onshore Namibia.
Updated: 15/04/2021, 9:00 am
The Crown 750 rig
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Reconnaissance Energy Africa has found oil and gas indicators and shows over three intervals at its first well onshore Namibia.
The 6-2 well has led ReconAfrica’s board member Dan Jarvie to say “the components and processes for a working petroleum system are all present”. The well found more than 200 metres of indicators and shows.