The deadline to submit claims in the about N$122 million settlement against ReconAfrica is set for Thursday.

Between October 2020 and September 2021, the Canadian oil and gas exploration company was accused of hiding unconventional energy extraction methods in Namibia and Botswana, unlicensed drilling, and misleading investors about the impact on the fragile Kavango area.

Following these allegations, the company agreed to pay the amount to US investors and to settle the claims.

International reports indicated that ReconAfrica may have fraudulently misled investors by misrepresenting its work on the project.

This was according to several experts and allegations in a whistleblower complaint filed with the United States Securities and Exchange Commission.

However, in February last year, the company announced that the settlement, if approved, was within its insured limits and would not have any direct financial impact on the company.

The President and CEO, Brian Reinsborough, in November last year announced his excitement over the completion of drilling operations on the Naingopo exploration well in Namibia.

The Naingopo well is the first of several to test the potential resource of the Damara Fold Belt in the Kavango Basin. 

Reinsborough said the company will now commence an extensive evaluation programme, with the technical team to assess all data to determine the results.

The Naingopo well is targeting 181 million barrels of unrisked and 15 million barrels of risked prospective light/medium oil resources.

ReconAfrica also stated that if any resources are discovered, there is no certainty that it will be commercially viable to produce any portion of them.

However, prospective resources have both an associated chance of discovery and a chance of development.