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(World Oil) – South Africa has officially established its new state-owned oil corporationSouth African National Petroleum Company (SANPC). The establishment of the SANPC aligns with broader goals by the South African government to create a more competitive and investment-friendly petroleum sector.
Prospect I is located onshore Namibia in Petroleum Exploration Licence 073 (“PEL73”) and is the Company’s largest prospect to be drilled so far. The prospective resources shown in theNSAI Report have been estimated using probabilistic methods and are dependent on a petroleum discovery being made.
(the Company or ReconAfrica) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) announces an agreement for a joint exploration project in Angola with the Agncia Nacional de Petrleo, Gs e Biocombustveis or National Oil, Gas and Biofuels Agency (ANPG). This will be the Companys largest exploration prospect drilled so far.
This transaction positions Viper to compete for capital with mid and large cap North American E&Ps; except with higher margins, minimal operating costs, and the lowest dividend breakeven in the space. an independent petroleum engineering firm, and comply with definitions promulgated by the SEC.
“Free funds flow” is a non-GAAP financial measurecalculated as funds flow less expenditures on property, plant and equipment (“PP&E”). Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.
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