With reference to stock exchange release dated 17 July 2024 regarding Letter Agreement to acquire shares in Reconnaissance Energy Africa and 20% interest in onshore exploration license PEL 73 in Namibia, BW Energy Services, a wholly owned subsidiary of BW Energy, has acquired an aggregate of 17,600,000 common shares and 17,600,000 common share purchase warrants of Reconnaissance Energy Africa.
The Units were acquired at a purchase price of CAD1.25 per Unit, for an aggregate purchase price of CAD 22 million or approximately USD 16 million pursuant to the previously announced offering of Units by the Company.. Each Unit is comprised of one Common Share and one Warrant, with each Warrant entitling the holder thereof to purchase one Common Share at a price of CAD 1.75 within 24 months following the closing of the Offering.
Following the closing of the Offering, BW Energy Services Limited owns approx. 6.6% of the outstanding Common Shares, not including the Warrants.
Consequently, BW Energy Rundu Limited, a wholly owned subsidiary of BW Energy, has entered into a farm-in agreement with Renaissance Energy Namibia, a wholly owned subsidiary of the Company, providing for the terms of a farm-in transaction, including the transfer to BW Energy Rundu of a 20% working interest in the onshore exploration license PEL 73 in Namibia.
Source: BW Energy
