Renaissance has agreed to acquire an option for a 50% stake in ReconAfrica's recently-awarded 9,921-sq km block in the Okavango (Kavango) Basin in NW Botwana (DEA 11 Jun '20). The option is exercisable at any time for up to 36 months upon payment of CD 1 MM if exercised within 18 months, or CD 1.5 MM if exercised after 18 months, the deal subject to govt approval. The contract runs 4+10 years, plus 25+20 years production if warranted.
Renaissance has agreed to acquire an option for a 50% stake in ReconAfrica's recently-awarded 9,921-sq km block.