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Recon Africa is a very unique oil&gas explorer because they own a whole basin in Namibia comprising of about 8.1 million acres. In recent years they did 3 exploration wells that proved a working petroleum system but no economic oil or gas accumulations were found. They then did extensive 2D seismic surveys and eFTG data resulting in 23 prospects in their Damara fold belt and 51 prospects and leads in their Rift play. The stock is about 80% held by institutions. On July 7,2024 they spud the first of 3 exploration wells in the Damara fold belt.
The well is expected to drill to a depth of approximately 12,500 feet, or 3,800 metres, and is projected to encounter four primary reservoir intervals targeting both oil and natural gas. Drilling is expected to take approximately 90 days and will include three sets of logging operations, coring and reservoir testing.
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Manipulation at is best, we’re all losers, Reco will never recover.
Slick Promotion Pumps ReconAfrica Stock
Rob Parker, February 27, 2025
A sudden rise in ReconAfrica’s stock price at the end of January 2025, followed by a similarly steep and rapid decline, concerned a group of ReconAfrica investors. In stock discussion forums and private conversations, these investors claim the sudden stock price surge was possibly linked to the mysterious appearance of a high-resolution image. The image seemed to show the beleaguered Canadian oil and gas driller had finally, after five long years of disappointing results, discovered oil. But no such discovery ever materialized.
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Questions worth asking
So, apart from another dry well drilled, as that is probably the best way to characterize the results of the Naingopo well in one word, it is the timing of the share price hikes just before that leaves a funny feeling. As someone else told me, “I’ve been contacted by a few long term ReconAfrica investors who completely sold their positions today. They have had enough of what is obviously continued manipulation of shareholders and markets.”It is clear that questions can be asked about the timing of announcements and the effect it has on share prices.
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