Namibia Quickly Emerging as Africa’s Next Oil Hot Spot for Majors

Palm Beach, FL – December 9, 2019 — Until recently, Namibia has been one of the most underexplored energy hotspots of Africa.  However, that’s quickly changing.   According to Alpha Sierra investment adviser, Andrew Sekandi, the region is showing promise, attracting substantial attention from majors and juniors, as reported by The Africa Report.  The adviser also says Namibia may be comparable to the pre-salt fields offshore Brazil, which holds 16 billion in crude reserves.  There’s so much potential in the region that Exxon Mobil recently acquired seven million net acres to expand its exploration acreage in offshore Namibia through an agreement with the government of Namibia and the National Petroleum Corporation, as highlighted by Oil & Gas Journal.  All of that is creating a wide range of opportunity for companies including Reconnaissance Energy Africa Ltd. (TSX-V:RECO)(OTC:LGDOF), Northern Oil & Gas Inc. (NYSE:NOG), Occidental Petroleum Corporation (NYSE:OXY), EOG Resources Inc. (NYSE:EOG), and Exxon Mobil Corporation (NYSE:XOM).


Reconnaissance Energy Africa Ltd. (TSXV:RECO)(OTC:LGDOF) BREAKING NEWS: Reconnaissance Energy Africa Ltd. just announced it has engaged an international drilling company, Seidel Technologies, to play an integral role in executing the upcoming drilling program in the Kavango Basin of Namibia.  Founded in 2007, Seidel Technologies a Denver based oil and gas drilling engineering firm provides comprehensive project management for North American and International drilling operations. Since inception, Seidel Technologies, 42 staff members, has worked with a wide array of successful oil & gas companies (from juniors to majors) in creating approximately $40 billion in asset value through drilling activities. Frank Seidel specifically, is an unconventional drilling expert having drilled over 3,000 wells domestically and internationally. “Seidel Technologies, with their expertise and track record in successfully executing international drilling campaigns, is an excellent choice to work with ReconAfrica during its initial drilling of the Kavango Basin.” stated Jay Park, CEO. “Further, the Company is working closely with Seidel Technologies to acquire North American drilling equipment specifically designed for logistics and drilling depths of the Kavango Basin,” stated Jay Park, CEO. “Further, the Company is working closely with Seidel Technologies to acquire North American drilling equipment specifically designed for logistics and drilling depths of the Kavango Basin.”  ReconAfrica also announces the completion of the first tranche (the “First Tranche”) of its previously announced non-brokered private placement financing (the “Private Placement”) through the issuance of 2,600,000 units (each, a “Unit”) of the Company at $0.34 per Unit for aggregate gross proceeds of $884,000. Each Unit is comprised of one common share of the Company and one common share purchase warrant (each, a “Warrant”), with each Warrant being exercisable into one common share of the Company at an exercise price of $0.50 per share until December 6, 2024.


Other energy-related developments from around the markets include:


Northern Oil & Gas Inc. (NYSE:NOG) announced the company’s third quarter results. Third quarter 2019 production totaled 3.8 million Boe and averaged 40,786 Boe per day, a 53% increase from the prior year and a 17% increase sequentially. Oil and gas sales in the third quarter totaled $158.0 million. Net income in the third quarter was $94.4 million or $0.24 per diluted share. Adjusted Net Income in the third quarter was $36.3 million or $0.09per diluted share. Adjusted EBITDA totaled $124.4 million in the third quarter, a 27% increase from the prior year. “Strong net well additions from our organic well opportunities and the success we have had in our ground game acquisitions generated strong production growth during the quarter,” commented Brandon Elliott, Chief Executive Officer. “While well performance and net well additions have remained robust, they did not completely offset 4,500 Boe per day of shut-ins and curtailments during the quarter. The good news is we expect the well performance and net well additions to remain strong while we expect the infrastructure issues to begin to subside as we close out 2019. Future cash flows will support plans to reduce debt ratios and return capital to shareholders in 2020.”


Occidental Petroleum Corporation (NYSE:OXY) announced that its Board of Directors has declared a regular quarterly dividend of $0.79 per share on common stock payable on January 15, 2020, to stockholders of record as of Dec 10, 2019.  Occidental has paid quarterly dividends continuously since 1975 and has increased its dividend each year since 2002. The current annual rate is $3.16 per share.


EOG Resources Inc. (NYSE:EOG) ported third quarter 2019 net income of $615 million, or $1.06 per share, compared with third quarter 2018 net income of $1.2 billion, or $2.05 per share. Net cash provided by operating activities for the third quarter 2019 was $2.1 billion.  Adjusted non-GAAP net income for the third quarter 2019 was $654 million, or $1.13 per share, compared with adjusted non-GAAP net income of $1.0 billion, or $1.75 per share, for the same prior year period. Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.  Total crude oil volumes of 464,100 barrels of oil per day in the third quarter 2019 increased 12 percent compared to the same prior year period and were above the high end of the target range. Natural gas liquids (NGLs) and natural gas volumes each grew 11 percent. EOG incurred total expenditures of $1.6 billion in the third quarter. Cash capital expenditures before acquisitions of $1.5 billion were near the low end of the target range. Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures. “EOG’s operating performance has never been better. The company generated outstanding financial results in the third quarter driven by improvements in every area,” said William R. “Bill” Thomas, Chairman and Chief Executive Officer. “We reduced operating expenses, grew volumes at double-digit rates while lowering well costs and generated substantial free cash flow. EOG has never been in a better position to sustain this success long into the future.”


Exxon Mobil Corporation (NYSE:XOM) that Joseph L. Hooley has been elected to its board of directors, effective Jan. 1, 2020. Hooley currently serves as the non-executive board chairman of State Street Corporation and was its chief executive officer from 2010 to 2018.  With the election of Hooley, the ExxonMobil board stands at 11 directors, 10 of whom are non-employee directors.  Hooley’s previous experience leading a large global financial services organization, along with operational and risk management expertise, will bring valuable skills to the ExxonMobil board. State Street is one of the world’s leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading.


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