Reconnaissance Energy (Africa) Ltd V.RECO

Alternate Symbol(s): RECAF

Reconnaissance Energy Africa Ltd. is a Canada-based oil and gas company. The Company is engaged in the opening of Kavango Sedimentary Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana. It holds 90% interest in a petroleum exploration license in northeast Namibia and a 100% interest in petroleum exploration rights in northwest Botswana over the entire Kavango Sedimentary Basin. The Company's exploration license covers an area of approximately 25,341.33 square kilometers (6.3 million acres) and 8,990 km2 (2.2 million acres) in Botswana. The two licenses together comprise 34,325 sq km (8.5 million acres). Its conventional drilling program is focused on analyzing the rocks to determine if there is a working petroleum system in the Kavango Basin.

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Reconnaissance Energy (Africa) Ltd > WE KNOW WHY ALLEN, VP IR AND BIG RECO S/HAREHOLDER LEFT -

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Comment by veryfishyon Apr 20, 2021 2:58am

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Post# 33027317

RE:RE:RE:RE:RE:WE KNOW WHY ALLEN, VP IR AND BIG RECO S/HAREHOLDER LEFT -

The math is

Steinke buys RECO acraege for his personal holding company for $100,000
He then sold that acreage to ROE for $1,3 million - $100,000 in cash + ROE stock - 30 million shares at 4 cents per share. No indepen.dant value done because the transaction was <25% of the ROE market capitalization. But the RECO board did.
His ownership of ROE went from 3% to just below 12%
Today ROE says it is valued for the RECO-ROE mergeer at $155 million.,
So Mr Steinke's. 12% of ROE X $155 million = $18.6 million,
So in 9 months$100,000 becomes $18.6 million. All legal. But very fishy and very greedy

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