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Reconnaissance Energy (Africa) Ltd V.RECO

Alternate Symbol(s):  V.RECO.W.A | RECWF | 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.


TSXV:RECO - Post by User

Post by Thatchcayeon Jun 25, 2021 12:35am
266 Views
Post# 33449142

Shorts

ShortsSo these shorts claim that Reco is drilling nothing, falsifying claims to have found any oil, and that they are not even drilling in the basin that they say they are but in another one altogether, that is used up and dry. WOW. If even a tiny amount of that were true, then the ceo and directors of Reco would face massive legal issues, lawsuits, criminal investigations, and shareholder class actions. They would already be hunkered down in a country with limited extradition treaty arrangements. And then the shorts try to make them look bad for dealing with bribery and crooked politicians but the shorts pretend not to realize that in many parts of the world, especially in Africa, creative methodology of "gifting" is essential to grease the wheels of business and allow anything to get done. The short report, as a whole, seems very unworthy of investor credence and is actually quite ludicrous. The only thing that I can surmise is that a lot of people went short on Reco at much lower levels and are multiple millions of dollars underwater and are desperate to find an escape plan from their predicament.
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