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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 jimgeorgeon Jul 26, 2021 7:16pm
287 Views
Post# 33608335

RE:RE:RE:great post on reddit

RE:RE:RE:great post on redditI didn't see the details on the form of consideration paid to ROE shareholders. If it was a share exchange there are no tax implications for the ROE shareholders, they can elect to do a rollover and their cost base on their ROE shares becomes the cost base for their new Recon shares. If the ROE shareholders received cash for their shares (or for a portion of their shares) that would create tax implications, but they would already have the cash to pay any taxes due. So there is no scenario where a corporate takeover creates tax reasons for immediate selling by ROE shareholders.
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