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).

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Reconnaissance Energy (Africa) Ltd > Boots on the Neck

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Post by Oregonduckon Oct 24, 2022 1:29pm

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Post# 35044215

Boots on the Neck

Renaissance Oil Corp (ROE) since merged into Reco signed three 25 year surety or performance bonds for US$8.0 million in aggregate in 2016 which have since ballooned to US$59.0 million by June 2022, up $21 million from Dec 2021. Mostly due to penalties and interest.

That looks to be a dead weight on the Co with not much breathing room with those boots on the neck. Reco could fail.

"Renaissance Oil Corp. ("Renaissance" or the "Company") (ROE) is pleased to announce the Company has executed twenty five year license contracts with the Comisin Nacional de Hidrocarburos (the "CNH") for the Mundo Nuevo, Topn and Malva blocks, located in Chiapas, Mexico."

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