Advancing production test at Kavango West 1X discovery and seismic reprocessing at NguluCALGARY, Alberta, Dec. 16, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC), is pleased to provide a year-end corporate operational update. Brian Reinsborough, President & CEO, commented: “We have had an active and productive 2025 in which we advanced the Company on multiple strategic fronts. We completed drilling our secon ...

UK-based energy company Pennpetro Energy has unveiled plans to advance the Limnytskyi oil and gas exploration licence in western Ukraine. In October this year, the company signed an agreement to acquire the licence, held through a Polish holding company. Pennpetro plans to reanalyse existing seismic data and complete the necessary environmental and drilling permits, road repairs and pad construction. The analysis aims to enable re-entry into a historic well by drilling a sidetrack to a depth of approxim ...

Core Insights - Egypt's Ministry of Petroleum and Mineral Resources announced a new oil discovery in the Gulf of Suez, with an initial output estimated at 3,000 barrels per day [1][4] - The discovery is part of a series of recent achievements in Egypt's oil and gas exploration activities, utilizing advanced ocean bottom seismic technology [2][3] - The new well, named Crystal Northeast Ramadan, was drilled using the existing Al-Fanar platform, which helped reduce costs and optimize the use of current infrastructure [3][4] Production and Discoveries - The new oil discovery aligns with Egypt's efforts to stabilize and increase oil production, contributing to the overall production figures [3][4] - Recent discoveries also include a natural gas find by Khalda Petroleum Company, expected to yield approximately 36 million cubic feet per day [3] - The Minister of Petroleum reported a total of 75 oil and gas discoveries and 383 new wells brought online, with current natural gas production at around 4.2 billion cubic feet per day [4] Future Plans - There are plans for further increases in natural gas production, alongside new agreements signed by EGPC with international companies for exploration in various regions [4]

Core Viewpoint - Chevron will explore for oil and gas offshore Guinea-Bissau in two blocks within the MSGBC basin [1] Company Summary - Chevron is expanding its exploration activities by targeting offshore oil and gas resources in Guinea-Bissau [1] Industry Summary - The MSGBC basin is becoming a focal point for oil and gas exploration, indicating potential growth in the region's energy sector [1]

Core Insights - Galp Energia is in advanced discussions to divest a 40% stake in its Mopane field offshore Namibia, aiming to select a partner by the end of the year [1][2] - The Mopane field is estimated to contain reserves of at least ten billion barrels [1] - Galp's oil and gas output is primarily focused in Brazil, with a forecasted average production of 105,000–110,000 barrels of oil equivalent per day by 2025 [3] Group 1: Mopane Field Developments - Galp intends to sell half of its 80% stake in the Mopane field, with the selected partner taking on the role of operator [1] - An additional oil and gas condensate discovery was revealed in the Mopane field earlier this year [2] - The production from the Mopane field is not expected to start before 2031 or 2032 [2] Group 2: Bacalhau Field Operations - The Bacalhau field has started production using a floating production, storage, and offloading vessel capable of processing up to 220,000 barrels per day [4] - Bacalhau is expected to generate an annual cash flow of €400 million ($466 million), supporting Galp's operations for the next 15–20 years [4] - Galp operates in Brazil through Petrogal Brasil, a joint venture with Sinopec, which holds a 30% stake [3]

Core Insights - Brazil's environmental agency Ibama has authorized Petrobras to conduct exploratory drilling in the Foz do Amazonas region, indicating a significant step for the state-run oil company in expanding its exploration activities [1] Company Summary - Petrobras has received approval from Ibama, which allows the company to proceed with exploratory research through drilling in a new region, potentially enhancing its oil reserves and production capabilities [1] Industry Summary - The authorization from Ibama reflects ongoing developments in Brazil's oil and gas sector, particularly in exploration activities, which may impact the overall dynamics of the industry and investment opportunities [1]

BP confirmed on Monday an oil and gas discovery in the Orange basin offshore Namibia, where supermajors have made several major discoveries in recent years.   The UK-based energy giant, which is a co-venturer in the exploration license via its 50/50 company with Italy’s Eni, Azule Energy, can confirm the preliminary results of the Volans-1X exploration well, as reported by operator Rhino Resources earlier this month. Petroleum Exploration License 85 (PEL85), where the well was drilled, is operated by Rh ...

Core Viewpoint - DNO ASA, a Norwegian oil and gas operator, is set to release its Q3 2025 operating and interim financial results on November 6, 2025, and has provided an update on production and sales volumes for the quarter [1]. Production and Sales Volumes - Gross operated production in Kurdistan for Q3 2025 was 46,572 barrels of oil equivalent per day (boepd), a decrease from 74,760 boepd in Q2 2025 and 84,212 boepd in Q3 2024 [2]. - North Sea production reached 11,508 boepd in Q3 2025, up from 5,526 boepd in Q2 2025 [2]. - Net entitlement production in Kurdistan was 14,449 boepd in Q3 2025, down from 18,675 boepd in Q2 2025 and 17,607 boepd in Q3 2024 [2]. - North Sea net entitlement production increased to 77,323 boepd in Q3 2025 from 33,348 boepd in Q2 2025 [2]. - Sales volumes in Kurdistan were 14,449 barrels in Q3 2025, consistent with net entitlement production [2]. - North Sea sales volumes rose to 79,419 barrels in Q3 2025 from 32,393 barrels in Q2 2025 [2]. - Equity accounted production in Côte d'Ivoire was 3,143 barrels in Q3 2025, slightly down from 3,174 barrels in Q2 2025 [2]. Financial Highlights - DNO paid a dividend of NOK 0.375 per share in Q3 2025, totaling USD 36.2 million, which annualizes to NOK 1.50 per share [3]. - The company made two tax installments totaling USD 52.9 million in Norway related to estimated 2025 taxable results on the Norwegian Continental Shelf [3]. - DNO repaid a USD 300 million bank bridge loan facility during the quarter, which was used for the acquisition of Sval Energi Group AS [4]. Exploration Activities - DNO participated in two exploration wells on the Norwegian Continental Shelf (NCS) during the quarter [5]. - The Vidsyn well in PL586, in which DNO holds a 25 percent interest, was spudded on June 14 and completed on July 31, being announced as a discovery [5]. - The Page well in PL1086, where DNO has a 50 percent operated interest, was spudded on September 1, with drilling ongoing at the end of the quarter [5].

Core Insights - Libya's National Oil Corporation (NOC) has announced the resumption of exploration work by Eni in the north-west offshore area of Libya, specifically in Block 16/4, after more than five years of inactivity [1] Group 1: Exploration Resumption - Eni's exploration activities in offshore Block 16/4 have restarted, focusing on the exploratory well C1-16/4 (BESS-3) [1] - The drilling at this location initially began on March 11, 2020, but was suspended due to the Covid-19 pandemic after reaching a depth of 1,012 feet [2] - The Scarabeo-9 rig, operated by Saipem, is now re-entering the well to complete drilling to a planned total depth of 10,520 feet [2] Group 2: Location and Context - The exploratory well is located in Contract Area D, approximately 95 km off the coast of Libya, at a water depth of around 743 meters, and is about 15 km from the Bahr Es Salam gas field [3] - Eni and BP restarted exploration work in Libya's Ghadames Basin in October of the previous year, marking a significant return to the region [3] Group 3: Historical Context - The resumption of exploration comes after a ten-year hiatus, with onshore drilling halted in 2014 due to political instability following the overthrow of Muammar Gaddafi in 2011 [4] - In July 2025, Mellitah Oil and Gas, a joint venture between NOC and Eni, contracted Hill International to oversee the Structures A&E project, which aims to boost local gas production and support exports to Europe [4][5]

Core Insights - Energy security and affordability have become more important than concerns about stranded assets, leading major oil and gas companies to refocus on exploration after years of prioritizing clean energy solutions [1] - Major oil companies have reduced investments in renewable energy due to poor returns and challenges related to demand, costs, and regulations [2] Exploration and Production Focus - European majors BP and Shell have reversed their earlier commitments to reduce oil and gas production, now focusing on increasing production and exploration in key regions [3] - Significant oil discoveries have been made in Guyana, Suriname, Namibia, and Brazil, indicating a resurgence in exploration efforts [3] U.S. Supermajors' Strategies - U.S. supermajors Exxon and Chevron are investing heavily in Guyana's Stabroek offshore block, with Exxon operating the block and Chevron acquiring a minority stake through a multi-billion-dollar deal [4] - TotalEnergies is also developing resources in Suriname and plans to advance projects in Namibia [4] Regional Developments - Shell has reported exploration success in Namibia and is planning drilling activities in South Africa's Orange Basin, although these efforts face environmental challenges [5] - BP has made a significant oil and gas discovery in Brazil's Santos Basin, marking its largest find in 25 years [6] BP's Recent Discoveries - BP's exploration well in the Bumerangue block has identified a gross hydrocarbon column of approximately 500 meters in a high-quality pre-salt carbonate reservoir, covering over 300 square kilometers [7] - BP's executive vice president highlighted the discovery as part of a successful year for the exploration team, reaffirming the company's commitment to upstream growth [8]