Reconnaissance Energy (Africa) Ltd V.RECO

How to Defend against Lawsuit

[Oregonduck]

Reco has to prove that they actually found commercial oil at 6-2 and 6-1 strat wells. They are unwilling or unable to provide missing drilling data such as wire-log, mudd logs, flow tests, API oil gravity etc. to confirm that those two wells, now plugged, were not dusters and dry holes. According to Sproule, the billions of barrels of oil-in-place are based on legacy data of unproven unconventional shale oil and gas. Unconventional resources are worthless and could not be extracted in Namibia.

Reco is accused of pumping up the stock with misrepresentations to draw in unsophisticated investors. Under SEC and IIROC reg., it is tantamount to perpetuating a fraud on the market.
 

In order to successfully defend themselves against alleged "the lie" they need to show "the goods".

[Luckboxx]

Working hard on Sunday night?  Have to cover soon?  Are your masters paying you overtime for your FUD?  You are so amateurish still quoting the Sproule report that everyone know is outdated and will be replaced with a new report this year based on the existing holes along with the new seismic.  I guess I will have to keep my word and buy more tomorrow.

[Matteo1234]

I thought the discovery is well documented. Not sure where you get your facts. Are you short ? Stayhard

[CoreyB]

Just to show how much of an idiot you are, keep posting stupid sh!t like that...the first 2 holes were not for production purposes you moron.