On 11 June 2020, Reconnaissance Energy Africa (ReconAfrica) announced it has been granted a petroleum licence in northwestern Botswana, Okavango Basin, for 9,921 sq km and has entered into a farm-out option agreement on these lands. This new licence is contiguous to the company's 25,362-sq-km petroleum acreage (PEL 73) in northeast Namibia.  Terms of the new licence are as follows:    100% working interest in all      petroleum rights from surface to basement,  An initial 4-year exploration      period, with renewals up to an additional 10 years, in accordance with the      Botswana Petroleum (Exploration and Production) Act,  Upon declaration of commercial      production, the operator holds the right to enter into a 25-year      production licence with a 20-year renewal period, in accordance with the      Botswana Petroleum (Exploration and Production) Act,  Royalties associated with the      production licence will be subject to negotiation, in accordance with the      Botswana Petroleum (Exploration and Production) Act, and generally range      from 3 to 10% of gross revenue from production,  The company has committed to a      minimum work program of USD 432,000 over the first 4-year exploration      period,  The corporate tax rate in      Botswana is 22%.   ReconAfrica operates the PEL 73 licence in northeast Namibia with a 90% interest, Namcore holds the remainder.
ReconAfrica (100%) announces the award of sole rights covering 9,921 sq km in the in NW Botswana, adjacent to the company's existing licence in NE Namibia. 