Descending upon Namibia's environmentally sensitive Kavango East region in 2015 was the easy part for junior Canadian oil and gas company ReconAfrica. ReconAfrica owns 90% of the Namibia oil-exploration project, while state-owned National Petroleum Corporation of Namibia (Namcor) owns 10%. The report also said the hope of employment and infrastructure development are the main reasons why the local communities are supporting ReconAfrica's oil and gas exploration activities. Auditors resignFor an exploration company like ReconAfrica, credibility is everything: without productive oil or gas wells, the company it has no real income and needs to raise money from investors to keep operating. Nevertheless, the resignation does nothing to help the credibility of a company desperately needs to stay in business.

Source: News 24 December 16, 2022 06:44 UTC