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 > Warning a huge Red Flag

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Post by Oregonduckon Nov 25, 2022 12:08am

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Post# 35127059

Warning a huge Red Flag

Oh, Sh*t..,

The CO's independent auditors Deloitte LLP has just resigned as of Nov 22nd. The interim financials for the 9 months ended Sept 30, 2022 were prepared by management.

The Co is on the verge of insolvency. Cash on hand $77 million and Royalties owing $74 million. Current assets $14 million. Total losses $40.5 million. Deficits over $300 million. Management remuneration incl. shares $11.5 million.

Walking bankrupt.