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 > WE KNOW WHY ALLEN, VP IR AND BIG RECO S/HAREHOLDER LEFT -

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Comment by veryfishyon Apr 20, 2021 2:58am

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Post# 33027317

RE:RE:RE:RE:RE:WE KNOW WHY ALLEN, VP IR AND BIG RECO S/HAREHOLDER LEFT -

The math is

Steinke buys RECO acraege for his personal holding company for $100,000
He then sold that acreage to ROE for $1,3 million - $100,000 in cash + ROE stock - 30 million shares at 4 cents per share. No indepen.dant value done because the transaction was <25% of the ROE market capitalization. But the RECO board did.
His ownership of ROE went from 3% to just below 12%
Today ROE says it is valued for the RECO-ROE mergeer at $155 million.,
So Mr Steinke's. 12% of ROE X $155 million = $18.6 million,
So in 9 months$100,000 becomes $18.6 million. All legal. But very fishy and very greedy

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