A Mug’s Game"We've made discoveries of oil and gas in the Kavango basin. We've got oil which flow there." - Robert Mwanachilenga, General Manager, Reconnaissance Energy Namibia
That statement was made from Namibia MME talk show last Thursday that sparked the sharp run up in the stock price which did not carry through on Friday's trading.
However, when the 8-2 well news was released on Wednesday by Renaissance Africa Energy, nothing was said about the purported discovery of flowing oil. Evans et al remained silent.
Renaissance Energy Namibia (Pty) limited is a local company set up to clear the land etc.
This rumor by the Managing Director appears to contravene securities laws in disseminating inside information on tipping or, if unsupported, fraudulent information to inflate the stock price.