For the Canadian company hoping for an oil bonanza in the watershed of the wildlife-rich and visually spectacular Okavango Delta, 2022 was another grim year, and 2023 may not be any better. A hearing in Namibia set for April 3 could decide whether ReconAfrica's drilling permit, extended last year until 2025, will be revoked.
In 2022, Reconnaissance Energy Africa (ReconAfrica) drilled another “duster”—an industry term for an unproductive well. So far, all three of its test wells have failed to indicate the presence of commercially extractable oil. The company’s stock price has plummeted, lawsuits are ongoing on two continents, and a cash shortage may force it to cease operations.
ReconAfrica has licenses to explore across 13,200 square miles in Namibia and Botswana