Reconnaissance Energy (Africa) Ltd V.RECO

Alternate Symbol(s): RECAF | V.RECO.WT | RCNWF

Reconnaissance Energy Africa Ltd. is a Canada-based oil and gas company. The Company is engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana. The Company holds interest in a petroleum exploration license no. 0073 (PEL 73) in northeast Namibia and an interest in petroleum exploration rights in northwest Botswana over the Kavango Sedimentary Basin. The Company's exploration license covers an area of approximately 25,341.33 square kilometers (km2) (6.3 million acres) of oil and/or gas exploration properties comprising Blocks 1719, 1720, 1721, 1819, 1820 and 1821 situated in the Kavango Basin of northeast Namibia (the Namibia Licensed Property) and approximately 7,592 km2 (1.88 million acres) in Botswana (the Botswana Licensed Property). The two licenses together comprise over 32,933 km2 (8 million acres).

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Reconnaissance Energy (Africa) Ltd > rennaissance is a bargain

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Comment by TurnToTheRighton Apr 19, 2021 2:00pm

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RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:rennaissance is a bargain

I would guess because the news release specifically states the LOI is non-binding, therefore it's an indication of intent, but if it's not binding there is still risk that the ratio is not set in stone (which it isn't - it's basically not even worth the paper it's written on). It's not even really an enforceable contract - an agreement to agree at a later date is not a legally enforceable contract.

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