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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.


TSXV:RECO - Post by User

Comment by GorgeousGeorge1on Jan 29, 2021 2:35am
140 Views
Post# 32417718

RE:Share price recon africa

RE:Share price recon africaIt's in somewhat of a wait and see phase, consolidating and finding support levels. The chart is obviously heavily news flow sensitive, so you don't get the longer term patterns playing out, it's not predictable and so it's less relevant. It's definitely healthy though, you've had the big run and then retrace to where it is now, that's normal, nothing wrong with that. It's looking for support, and seems to be finding it here at this 3.50 area for now. We want a decent bounce to indicate buyers are stepping in and taking anything below $4 but I think there's still a bit if selling pressure and a bit of apprehension from buyers. I was disappointed that we dropped backed below 3.50 yesterday. I would see if this support holds, and buy on any above average volume to the upside
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