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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).


TSXV:RECO - Post by User

Post by Oregonduckon May 24, 2021 7:44pm
467 Views
Post# 33258037

The Long and Short

The Long and ShortInvestors don’t know who shorted the stock as IROOC doesn’t publish the name of the actors.

There are roughly 2.4 million shares and 330,000 shares shorted in Canada and US respectively.

All shorts - covered or naked - must be legally declared. Pre-borrowed for former or with expectations of being delivered for latter. Shorts can be anyone from professional traders, investment funds or even insiders.

There were a ton of cheap
warrants and options exercised for shares by insiders in 2021. There were also lots of insiders selling.

Insiders could short sell “against the box” from shares they owned. It would be a net neutral position - locking in the profits - when later they unwind their positions and deliver the shares to cover the shorts. They do that so as not to spook investors that they have effectively sold their shares.

IIROC does not publish the identities of short sellers. So, there is no way of knowing.

As I said a few weeks ago, the technical chart looks like it could break down.

I am still befuddled why no drilling data from 6-2 well were published when the Co started drilling 6-1 well except saying they found a petroleum system with a trap in 6-2.

I recalled Lundin’s Horn Petroleum years ago (renamed Africa Energy) said they discovered a good quality oil system  with the presence of a trap in Puntland without first  publishing data before moving on to a second well and raising more funds. The stock subsequently tanked when they announced that there was no trap and the oil had migrated away. 

Similarly, Eco Atlantic said they found good quality light oil without giving any data and moved on to another well. The stock shot up on hype but later collapsed after it was found that it is only non-commercial heavy oil.

Reco could, in fact, discover a major oil field when they do announce results of flow rates, viscosity, thickness and API data etc. etc.



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