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Reconnaissance Energy (Africa) Ltd V.RECO

Alternate Symbol(s):  RECAF | V.RECO.WT | RCNWF

Energy Metals & Mining Oil & Gas E&P Industrial Metals & Minerals
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

Reconnaissance Energy (Africa) Ltd > Corey, the Dumbass
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Comment by Oregonduckon Sep 20, 2022 10:16am
116 Views
Post# 34973539

RE:RE:Corey, the Dumbass

RE:RE:Corey, the Dumbass
Yo_Dog wrote: Mr Duck
no recent insider sales!


From Sept 2021 to Jan 2022, around 1 million shares were dumped. Since 2020, he sold at least 5.5 million shares. As IR said, he needed money to buy a house in one of the most expensive markets in the world (Vancouver was once rated the least affordable city to buy a home based on income) and for taxes and estate planning. 

He became the largest shareholder in a "sweet heart" deal through a share merger or takeover by Reco for Renaissance Oil (Reo). He held 30 million shares of Reo at $0.04. Those shares were acquired at a deemed market price of $0.50 giving him a total shareholdings of 6 million shares in Reco. He had held minimal shares before this takeover. Reo is an oil co with huge losses and saddled with massive royalties owing to Pemex. It's only asset is the Namibian oil concessions valued at some $190 million in the takeover valuation. So far, the Namibian deal is nothing but elephant pasture.

Just saying. Everything seems legal. The stock price went from $0.20 to $12 on paid pumping misrepresentations based on allegations by the Class Action lawsuit filed.





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