Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) (ReconAfrica) CEO Brian Reinsborough talked with Proactive about the company’s latest strategic acquisition in Gabon.
Reinsborough confirmed the purchase of a shallow water oil block named Ngulu, describing it as a strong fit with the company’s offshore strengths and strategic portfolio.
The asset offers a balance of lower-risk appraisal, near-term development, and longer-term exploration upside.
“Gabon really resonated with us... it really positions the company to an offshore company which plays to our strengths,” Reinsborough said.
He highlighted the proximity of existing infrastructure—approximately 10 kilometers from the field—as a key factor in enabling low-cost, short-cycle development and early cash flow. ReconAfrica holds a 55% interest in the block and will serve as operator.
The company plans to reprocess existing 3D seismic datasets using modern imaging techniques to refine prospects, with up to 28 mapped opportunities already identified.
Reinsborough emphasized the multi-play potential, including post-salt, sub-salt, and pre-salt targets, likening the opportunity to historical development in the Gulf of Mexico.
ReconAfrica’s entry cost into the concession is low, with a four-year commitment window, allowing time to build a drilling inventory and prioritize against existing assets in Namibia.