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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 Nov 01, 2021 9:06pm
233 Views
Post# 34075565

Lawsuits Explained

Lawsuits ExplainedAlleged misrepresentations and ESG violations committed by the Co.

These type of lawsuits are your so-called "Stock Drop" lawsuits due to over-hyped pumping that resulted in the consequent sharp dropping of stock prices bringing losses to investors who bought into the aggressive touting by paid investment advisors and management peddling the stock.

The current lawsuits against the Co will claim that the Co. made material misstatements in earlier news releases concerning unconventional shale oil and changed it to conventional oil after the Namibian Govt said the Petroleum Lic did not allow for shale oil extraction. No conventional oil has been discovered to-date according to the Govt. Also, claim of billions of oil in place at the basins not proven. 

The lawsuits will likely draw the scrutiny of SEC and regulatory agencies. 





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