Reconnaissance Africa(RECO)

This recent video by RECO is well worth review by all investors, it is about 30 minutes


reconafrica.com/our-sustainable-approach...of-kavango/#single/0

Looks like a good call by RonS to buy last week under $3

Trying a link here of a video of the rig
vimeo.com/498982479

Just a circuit breaker trading halt. I bought some at 2.73

This stock is now halted. Was in a spiral drop this morning.
Cheers

2021-02-10 01:49 ET - News Release


Mr. Scot Evans reports

RECONAFRICA ANNOUNCES ACCELERATION OF WARRANT EXPIRY DATE

Reconnaissance Energy Africa Ltd. has elected to accelerate the expiry date of the common share purchase warrants issued on Aug. 20, 2020, under the warrant indenture between Computershare Trust Company of Canada and the company dated Aug. 20, 2020.

"The exercise of these listed warrants significantly strengthens the company's balance sheet, providing a strong catalyst to accelerate ReconAfrica's objectives in developing this newly discovered deep Permian basin," said Scot Evans, chief executive officer.

Accelerated expiry date

As described in the company's short-form prospectus dated Aug. 12, 2020, and pursuant to the terms of the warrant indenture, if the volume-weighted average trading price of the company's common shares on the TSX Venture Exchange equals or exceeds $3 for a period of 20 consecutive trading days, the company is entitled to accelerate the expiry date of the warrants to the date that is 30 days following the date notice of such acceleration is delivered to holders of warrants. The company will deliver the acceleration notice to holders of warrants indicating the company's election to accelerate the expiry date of the warrants to March 18, 2021.

Any warrants that have not been exercised by 1:30 p.m. Vancouver time on March 18, 2021, will automatically be cancelled.

Each warrant entitles the holder to purchase one common share of the company at a price of $1. If all warrants are exercised, including previously exercised warrants, gross proceeds to the company will total approximately $32.9-million; however, there can be no assurance that any additional warrants will be exercised prior to the accelerated expiry date.

Warrantholders who wish to exercise their warrants should review the exercise requirements contained in the acceleration notice, the warrant indenture and, if applicable, the certificate evidencing their warrants, and contact their legal and investment advisers before submitting the exercise form and any other applicable documentation to the warrant agent. The contact details for the warrant agent are as follows: Computershare Trust Company of Canada, third floor, 510 Burrard St., Vancouver, B.C., V6C 3B9.

Tony, warrants not called yet, but I think today is the 20th day they have been trading over $3.00. I expect they could get called soon

With the stock trading over the 3 dollar range, I have been crazy busy with work, so want to make sure I have not missed if the warrants have been accelerated yet? The lack of volume on the Warrants just had me wondering.
Thx in advance
Tony

After a correction the stock is moving up again. Looks like it will test the $4.75 - $5 highs

Nice rocket launch, thanks again Ron$

Yes, gotta like it. They announced they started drilling yesterday. That is what has probably caused the excitement

2021-01-11 01:20 ET - News Release


Mr. Scot Evans reports

DRILLING PROGRAM NOW IN PROGRESS; OPENING UP THE DEEP KAVANGO PERMIAN BASIN, KALAHARI DESERT

Reconnaissance Energy Africa Ltd. has commenced drilling operations on the first well (6-2) of an initial three-well program in the deep Kavango basin in the Kalahari Desert of northeast Namibia.

Drilling operations

With its company-owned-and-operated, 1,000-horsepower rig (Jarvie-1), the company is now drilling ahead to a planned 12,500-foot total depth (TD) to evaluate potential hydrocarbon systems in one of five major subbasins of the larger, more laterally extensive, Permian-aged Kavango basin.

The first prospective section of the well is designed to reach 4,800 feet in depth, where intermediate casing will be set. Sidewall cores and well logs will be run from an interval of 1,000 to 4,800 feet to identify conventional targets. The well prognosis provides for reaching the top of the Permian section at approximately 4,000 feet.

The second section of the well is designed to reach a TD of 12,500 feet, drilling through the intermediate to lower Permian sections. While drilling the lower sections, the company will take whole core and conduct a full logging suite of all zones of interest (conventional targets and source rocks). A comprehensive state-of-the-art logging program over both sections will be provided by Schlumberger.

The 6-2 well will be drilled with water-based drilling fluid providing ideal samples (cuttings and core) to be utilized to determine a range of petroleum properties and locations for future exploration and production wells.

In keeping with the company's policy of implementing environmental best practices, Reconnaissance is working with Valence Drilling Fluids, a North American company that provides all organic and biodegradable drilling fluids which are fully environmentally safe for many aspects, including topsoil enhancement and development.

"We welcome the opportunity to work alongside ReconAfrica on this project as they are a company that understands the importance of environmental protection with proven results," stated Gareth Eckhout, vice-president, Valence Drilling Fluids.

"Drilling the first three wells in a newly discovered Permian basin, where one company holds all of the rights, is certainly a rare opportunity. There are many important similarities between the Kavango basin and the Permian basin in West Texas, one of the world's most prolific producing basins, where I have been actively drilling and completing wells for many years," said Nick Steinsberger, senior vice-president of drilling and completions. "I anticipate the first well will take up to 45 days to reach total depth and initial analysis of all prospective productive targets."

Dan Jarvie, Reconnaissance's geochemist, said: "This important three-well drilling program will provide ReconAfrica an initial assessment of the various Permian-age potential petroleum systems such as found in the age-equivalent Permian basin in Texas and Karoo basin in South Africa. Geological and geochemical analysis will provide details on potential, stacked conventional reservoirs, as well as multiple petroleum source rocks. Petroleum source rock and stratigraphic analysis will provide the company with a basis for assessing the

Up big again today, last at $3.05. Doing real well on this one.