BW Energy Ltd. (DE:6BW) has released an update.
BW Energy has entered into a letter agreement with Reconnaissance Energy Africa to purchase approximately 16.8 million shares and warrants for $16 million, acquiring a 20% interest in Namibia’s onshore exploration license PEL 73. The deal includes a $6.4 million carry by ReconAfrica for initial work on the license, with plans for drilling two exploration wells and a subsequent 3D seismic survey. Additionally, BW Energy commits to milestone-based contingent payments that could total up to $125 million.
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