Reconnaissance Energy (Africa) Ltd V.RECO

Finally - some news indicating support....

[NonCredibleSrc]

News for RECO

 
 

Alert Sent 2021-10-29 09:02:26 AM ET

 

 
 

Delivery preference: Immediate delivery

 

Traditional Authorities Confirm Support For ReconAfrica Operations in Namibia 2021-10-29 09:00:00 AM ET (CNW Group)

 

NATION-WIDE CONFIDENCE GROWS The Traditional Authorities of Kavango East and Kavango West have confirmed their support for the oil-and-gas exploration program in Namibia by Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSX-V: RECO) (OTCQX: RECAF) (Frankfurt: 0XD). At a meeting last week in Namibia, the leaders of the five key Traditional Authorities of Kavango East and Kavango West expressed confidence that ReconAfrica's ongoing exploration program, which has to date identified a conventional oil and gas system in the Kavango Sedimentary Basin, could provide Namibia with a new-found source of socio-economic opportunity if commercialized. Hompa Eugene Siwombe, Chairperson of the Kavango Traditional Authority Committee, said ReconAfrica's exploration program in the Region is more than welcome by the communities and lauded the Company's efforts to support the economic and environmental aspirations of the country. "Everyone is happy with the way ReconAfrica is doing the exploration. This is what we want - the liberation struggle is gone, it is now time for economic freedom. We want exploration, to know what is under the ground," he said. Hompa Siwombe also recognized ReconAfrica's commitment to communities, which includes the drilling and donation of a planned 22 potable, solar-powered water wells, 14 of which have already been completed and turned over to communities. "Let the people from the community see that ReconAfrica, while exploring, is considering the people in the Region. We are indeed very thankful for the water wells as they have made the lives of our people in the Kavango regions better." Hompa Siwombe's comments were echoed by the King, Hambukushu Fumu Erwin Munika Mbambo, who indicated outside opposition to ReconAfrica's project is unwarranted. "We are expressing our support because we, as Traditional Leaders, are the ones on the ground and see what is really happening, not people sitting in their distant offices trying to decide what should be done," he said. At the meeting, it was decided that a leader of the Traditional Authorities would join ReconAfrica and other affected stakeholders on a committee to ensure collaboration and dialogue as the Company's oil-and-gas exploration project proceeds. The Governors of Kavango East, Hon. Bonifatius Wakudumo, and Kavango West, Hon. Sirkka Ausiku, also attended the meeting and reaffirmed their support for ReconAfrica's exploration program. ReconAfrica, in collaboration with the Government of the Republic of Namibia, set out this year with a stratigraphic drilling program to prove there is an active conventional petroleum system in the Kavango Sedimentary Basin. To date, the Company has completed two stratigraphic drilling programs and a low-impact, 2D seismic project. While seismic analysis is still in progress, the released data analysis from the two stratigraphic wells confirms there is an active conventional petroleum system, with multiple potential reservoir zones within the basin. Scot Evans, Chief Executive Officer of ReconAfrica, welcomed the support of the Traditional Authorities and noted that the Company is exploring in the region at the invitation of the national government of the Republic of Namibia and emphasized that the management and development of Namibia's resources will be "determined by the people of Namibia - through their traditional authorities, elected governments and regulatory agencies." "ReconAfrica has been working collaboratively with governments, Traditional Authorities and communities of Namibia since 2019. We are grateful for the support and trust we have earned over this period and we are committed to retaining the confidence of Namibia as we move forward, together, to explore the vast potential of the Kavango Sedimentary Basin, which may ultimately lead to a new source of prosperity for the country," Evans said. "Our goal is to ensure ReconAfrica is a positive contributor to Namibia in all ways - environmentally, socially and economically." About ReconAfrica ReconAfrica is a Canadian oil and gas company engaged in the opening of the newly discovered deep Kavango Sedimentary Basin, in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum licenses comprising approximately 8.5 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbances to habitat in line with international best standards and will implement environmental and social best practices in all of its operating areas. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements: Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the data from the Company's two stratigraphic wells confirming an active petroleum system, with multiple potential reservoir zones within the basin, exploring the vast potential of the Kavango Sedimentary Basin, which may ultimately lead to a new source of prosperity for the country, and the Company's commitment to minimal disturbances to habitat in line with international best standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statemen ts relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the "Risk Factors" section in the Company's amended and restated annual information form dated May 19, 2021 available under the Company's profile at www.sedar.com. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. SOURCE Reconnaissance Energy Africa Ltd. View original content to download multimedia: https://www.newswire.ca/en/releases/archive/October2021/29/c5622.html SOURCE: Reconnaissance Energy Africa Ltd. RECONNAISSANCE ENERGY AFRICA LTD., Tel: [phone] |  www.reconafrica.com; Scot Evans CEO | Tel: [phone], Grayson Andersen Manager, IR | Tel: [phone], Email: [e-mail], IR Inquiries Email: [e-mail], Media Inquiries Email: [e-mail] COMTEX_396039988/2197/2021-10-29T09:00:00

 

K=Thousands, M=Millions, B=Billions, TTM=Trailing 12 Month, MRQ=Most Recent Quarter, FYR=Fiscal Year End, NM=Not Meaningful, NA=Not Available

GAAP = Generally Accepted Accounting Principles used in Financial Statements issued by the company, Non-GAAP = Adjusted Operating Earnings or Revenue used in comparison to Analyst Estimates.Adjustments are typically one-time gains or losses.

© 2021 The Toronto-Dominion Bank. All rights reserved.

Quotes, News, and Fundamentals provided by

View Restrictions

News provided by

 

To change your settings or to unsubscribe from the alert service, please login to Webbroker.