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 > RECO buyout to proceed / Settlement with Maleki

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Comment by NonCredibleSrcon Jul 15, 2021 9:48am

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Post# 33548575

RE:RE:RECO buyout to proceed / Settlement with Maleki

Moneycat wrote: DEAL APPROVED !!!

Hiddensecrets wrote: News this morning of a settlement agreement with Eskander Maleki by issuing to him options and warrants for consultation work.

Given the timing of this settlement agreement I suspect that it was Eskander Maleki who launched the petition in the court, whom had the vote delayed because he wanted to negotiate an agreement with RECO for consulting work that he was owed in ROE.

It looks like their was some hard negotiations and, both parties agreed to a settlement this morning putting this issues to rest and, I am certain putting the petition to rest too.

Buyout was approval and, is slated to close with the TSX on July 21, 2021.

It goes to show that when you have money, or access to money, like RECO has, there is always a power struggle.

This uncertainity is now laid to rest.

I suspect that Maleki settlement is due to ROE Mexico fiasco which RECO did not want to have to carry over to them.

mpo