Reconnaissance Africa(RECO)

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10 months 2 weeks ago #126352 by tonyk
tonyk replied the topic: Reconnaissance Africa(RECO)
This stock is now halted. Was in a spiral drop this morning.
Cheers

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11 months 1 week ago #126279 by lynnsa10
lynnsa10 replied the topic: Reconnaissance Africa(RECO)
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.

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11 months 1 week ago #126271 by GoldnBoy
GoldnBoy replied the topic: Reconnaissance Africa(RECO)
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

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11 months 1 week ago #126270 by tonyk
tonyk replied the topic: Reconnaissance Africa(RECO)
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

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11 months 2 weeks ago #126256 by DearJohn
DearJohn replied the topic: Reconnaissance Africa(RECO)
After a correction the stock is moving up again. Looks like it will test the $4.75 - $5 highs

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11 months 4 weeks ago #126196 by alexgreat
alexgreat replied the topic: Reconnaissance Africa(RECO)
Nice rocket launch, thanks again Ron$

Attachments:

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1 year 5 days ago #126176 by Gambler
Gambler replied the topic: Reconnaissance Africa(RECO)
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

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1 year 5 days ago #126175 by alexgreat
alexgreat replied the topic: Reconnaissance Africa(RECO)
Up big again today, last at $3.05. Doing real well on this one.

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1 year 1 week ago #126137 by lynnsa10
lynnsa10 replied the topic: Reconnaissance Africa(RECO)
Too big to post all of it but just came out from Oilprice.com. I am signed up for their free updates


Dear Readers,

Just into the New Year with lucrative holiday wishes for you all … and there is no better way to start off 2021 than with a major movement on my favorite oil play of the decade: Recon Africa (RECO).

If you didn’t take part in the first private placement offer and haven’t yet jumped on this stock, I think there’s even more reason to now.

I thought this was the most exciting oil stock I’d ever seen the first time I brought it to your attention, but it’s gained traction even beyond my original expectations since then.

Reconnaissance Energy Africa (“Recon Africa”) (RECO-V, RECAF-OTCQX)
is a small company that has secured the oil and gas rights to an entire sedimentary basin in Namibia and Botswana--both very friendly to oil exploration, with very low royalty fees (5%) and prospects for discovering an estimated 120 billion barrels of oil (yes, 120 billion).

Now, three important things have just happened …

First, RECO’s just about to start drilling in what could end up being the next big onshore oil discovery in the world. So, this is the last train out of the station and the final destination could send this stock to heights that few junior stocks ever get to go.

Second, the biggest and most trusted name in natural resource assessments--Wood Mackenzie--has just released a report comparing RECO’s Kavango basin to the Midland Basin in Texas, and Wood Mackenzie believes the Midland has a development value of $540 billion.

Third, Haywood has just nearly doubled its short-term share price target from $2.50 to $4.00 …

You can read the updated Haywood report here.

And both Wood MacKenzie and Haywood have a great deal of insight to share on this opportunity, which I will get into in more detail below.

In the meantime, I’m excited because opportunities like this almost never come around in the oil patch, and in the current atmosphere, the only opportunities worth jumping on are the huge ones with big risk/reward potential. The potential doesn’t get any bigger than this.

Here’s what Wood Mackenzie has to say in its latest report:

There’s no one more respected in the resource space than Wood Mackenzie. So, when they came out with this report, my excitement level increased exponentially.

Wood Mackenzie detailed three world-class similar age basins--the Midland Basin in Texas, the Southern North Sea Basin in the Netherlands and the UK, and the Doba Basin in Chad (Africa)--and demonstrated how RECO’s Kavango is analogous to all three, but particularly to the giant Midland Basin.

Why is this so exciting?

Because the Midland Basin, in the Permian basin of Texas, has been producing oil since the 1930s, and it is the undisputed king of American production. It won’t even hit peak production until 2035 at 3.8 million barrels of oil equivalent per day. And it’s estimated overall development value is $540 billion (in oil only). We are all familiar with Permian Basin as an unconventional resource, but that’s only over the last decade. This basin, like all other super basins, produced from low-cost conventional reservoirs for most of its history, since the 1930’s!

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1 year 1 week ago #126136 by GoldnBoy
GoldnBoy replied the topic: Reconnaissance Africa(RECO)
I think this is a very good political and environmental play by RECO

Jan. 5, 2021 /CNW/ - Reconnaissance Energy Africa, Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) is pleased to provide the following updates:

ReconAfrica Logo (CNW Group/Reconnaissance Energy Africa Ltd.)

Exploration License 001/2020

ReconAfrica recognizes and accepts the importance of pertinent cultural and historical sites. As such the Tsodilo Hills, located in north-west Botswana near the Namibian Border, an UNESCO World Heritage Site, has always been recognized by our Company, as a site with this specific, highly important, designation.

To this regard, ReconAfrica and the Government of Botswana began a process in October of 2020 to address this important issue. As a direct result of our collaborative process, the Republic of Botswana has now issued an updated License to ReconAfrica excluding ReconAfrica's entire Core and Buffer areas of the Tsodilo Hills. The License area is now 8990 km2 (2,221,000 acres) versus the previous 9,921 km2 (2,450,000 acres). ReconAfrica is pleased with this preferred structure as our Company has never had plans for operations in the Tsodilo Hills area. ReconAfrica follows strict environment, social and governance protocols.

ReconAfrica is committed to establishing operational transparency and working with all local and national stakeholders. In all aspects of its operations, ReconAfrica is committed to minimal disturbances in line with international best standards and will implement environmental and social best practices in all of its project areas.

Wood Mackenzie Report on Kavango Basin

Wood Mackenzie, one of the world's leading natural resources research and consulting firms has released a report on analogous subsurface basins to the Kavango Basin, which is held by ReconAfrica under licence contracts. The study detailed three world-class basins of similar age and/or tectonic origin; the Midland-Permian Basin (Texas), the Southern North Sea Basin, and the Doba Basin in Chad (Africa). The report demonstrates how the Kavango Basin is analogous to all three, but particularly to the sizable Midland Basin. This basin is of the same age (Permian) as the Kavango and has produced from low-cost conventional reservoirs since the 1930's, the same targets ReconAfrica is pursuing.

The Report is now available for download from the ReconAfrica website.

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1 year 3 weeks ago #126054 by RonS
RonS replied the topic: Reconnaissance Africa(RECO)
TonyK, the environmental groups are always against everything. I am not too concerned.
As Lynnsa posted. you have to consider the good that most exploration companies do for local communities that really need.

I don't expect any delays. I doubt enviro will get any support from locals and they are drilling and donating 3 more water wells

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1 year 3 weeks ago #126053 by RonS
RonS replied the topic: Reconnaissance Africa(RECO)

mozrep wrote: RonS - Should we be also looking at Craig Steinke's company Renaissance Oil seeing as they just bought into RECO's area in Botswana?


I think so, I have owned some for about 2 years. I bought for their Mexican assets which they have given up on. RECO should be the main horse in the play

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