Reconnaissance Energy (Africa) Ltd V.RECO

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

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 > Interim financials after market closed

<< Previous

Bullboard Posts

Next >>

Post by Oregonduckon Mar 02, 2023 1:16am

349 Views

Post# 35314250

Interim financials after market closed

The Co is insolvent and broke.

As of the 12 months ended Dec 31, 2022 (note: new year-end is March 31, 2023 for 15 months of operation), the Co reported the following:

[expressed in Can dollars]

Cash in hand - $47 million
Restricted Cash -$17 million
Mexican Royalties- $85 million

Current working capital deficit - $9 million.