As much as I hate the buyout of ROEand the massive enrichment of Steinke as a buyproduct, I bought more shares of RECO.
It's pretty clear that well 1 was successful. The team has great confidence that even better results would be available in Botswana, which they will set to drill after the first 3 in Namibia.
Sure, they could have waited and let the ROE farm-in option expire. But they were worried that someone else would buy it from ROE and then they'd have to share 1/2 the Botswana side of the basin.
Too bad Reco gets stuck with ROE mess. It'll take a lot of time and effort to shut it down. We don't know what that will cost. *sigh*
On the good side, ROE had a lot of good people when they started (I owned shares for the first couple of years). Hopefully a few of them are excited about working in Africa now.