• Market Watch

ReconAfrica appoints hotshot as new CEO

• 8 Months Ago - 2023-08-03 00:00:00

Reconnaissance Energy Africa has appointed Brian Reinsborough as president and CEO of the company, effective 7 August 2023, while Adam Rubin will be the new general counsel of ReconAfrica.
The company recently received its environmental clearance certificate (ECC) from the office of the environmental commissioner at the ministry of environment, forestry and tourism to start drilling an additional 12 exploration and appraisal wells, to unrestricted depths, in the Kavango Basin.
Releasing a statement to investors, ReconAfrica said Reinsborough has worked globally for Mobil Oil, Nexen, Warburg Pincus and Venari Resources. He will replace Scot Evans as the company’s CEO.
“Brian has discovered over 2 billion of barrels of oil equivalent over the course of his career in the deepwater Gulf of Mexico. During his career he has been involved with some of the largest discoveries in the history of the Gulf of Mexico including Appomattox, Anchor, and Shenandoah,” the company said.
Drilling programme
“Brian is an exceptional explorationist and energy executive. He has an outstanding track record in successfully exploring and commercialising large scale oil and natural gas opportunities for growing companies,” said Craig Steinke, executive chairman of ReconAfrica.
As CEO, Reinsborough has will immediately take the leading role in directing ReconAfrica’s future strategic course, Steinke added.
“He will oversee the integration of a considerable amount of subsurface data the company has recently acquired in order to execute a carefully designed, efficient, multi-well drilling programme to be scheduled in the coming months.
“Brian’s global experience, strength in exploration execution, track record and reputation in the energy sector will provide the right expertise as ReconAfrica embarks on the next phase of growth and sustainability while assisting Namibia in achieving its critical goal of energy independence,” Steinke said.
Reinsborough has “significant experience in attracting financing and talent for exploration-based businesses having raised over US$2.0 billion of private equity financing in his previous company”, ReconAfrica added.
Rubin 25 years of legal, commercial, strategic and executive experience in the oil and gas industry.
“He has provided insight and advice to public CEOs, board chairs and executive management teams. He has significant experience negotiating successful complex, high-profile, multi-party corporate, financial and international transactions,” ReconAfrica said.
Share offering
ReconAfrica recently raised nearly US$7.5 million from a new share offering, despite opposition from civil society. At yesterday’s exchange rate, this is nearly N$138 million.
Late last month, a collective of civil society organisations hailing from Namibia, the USA and Canada urged the Toronto Stock Exchange Venture Exchange (TSXV) to withhold regulatory clearance for Reconnaissance Energy Africa Ltd (ReconAfrica) and its proposed new share listing.
The coalition of civil society sent a letter to the TSXV, urging it to stop the share listing.
“Given the ongoing legal and regulatory issues coupled with huge ecological, human rights, and cultural impacts, the share listing should not proceed,” the group said.
Pushback
Local members of the group include Earthlife Namibia, the Economic and Social Justice Trust, Saving Okavango's Unique Life, the Women’s Leadership Centre and the Nutrition and Food Security Alliance of Namibia.
ReconAfrica’s latest ECC, allowing it to start drilling an additional 12 exploration and appraisal wells, to unrestricted depths, in the Kavango Basin, is effective from 4 July 2023 until 4 July 2026.
“The primary objective of the upcoming drilling programme is to establish commercial accumulations of oil and or natural gas and natural gas liquids which were identified in the first three stratigraphic test wells,” ReconAfrica said in a statement to investors.