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Bullboard - Stock Discussion Forum 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... see more

TSXV:RECO - Post Discussion

Reconnaissance Energy (Africa) Ltd > HALT........in March 2021.....OIL HIT....?????
View:
Post by Hiddensecrets on Mar 01, 2021 1:16pm

HALT........in March 2021.....OIL HIT....?????

Reco had stated that they had wanted to release the results of their drilling once all 3 holes were done.

HOWEVER, 

I am of the opinion that they changed strategy as they have hit oil.

You have indirect confirmation from a couple of press releases:

- lining the well - not to containminate water supply.   I read this as they are lining the well as they do not want the oil to contaniminate the water supply.   This would cause environmental issues. 

- hiring of company to analyze their find (company is specialized in source rock and oil)

- biggest hint:   hiring of Mark Gerlitz who negotiates in HOSTILE CONDITIONS (owns 2 million shares).

I think that the company thought that they would hit oil in drill number 3 and could therefore wait for the press release BUT, this changed when they hit oil in drill 1.

So they rush to line the well, to hire company to analyze rock and oil and, hiring negotiator for hostile conditions. 

CONGRATULATIONS to dedicated longs.....I am of the opinion that you are holding a winning lottery ticket.

My personal opinion of course
Comment by hipfner on Mar 01, 2021 2:39pm
Firstly, one obvious error, Gerlitz had shares WORTH $2million when he was hired. Second, all wells are cased from surface. I'm not a reservoir engineer, but, so far, there is nothing to suggest oil. The drilling is probably slower because of all the testing and sampling they are doing. 
Comment by grenouille on Mar 01, 2021 11:00pm
i like the idea.  i just don't think it's very realistic. possible?  lots of things are possible. likely?  not so much.
Comment by Chas15 on Mar 04, 2021 6:55pm
Longs have nothing to be congratulated for yet. As the SP has dropped 50% in a week. 
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