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).

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Reconnaissance Energy (Africa) Ltd > Reposting My Prediction (Nov 2022)

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Comment by Oregonduckon Apr 10, 2023 4:26pm

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Post# 35387322

RE:RE:Reposting My Prediction (Nov 2022)

The Co lost over $52 million for the 12 months ended Dec 31,2022.

Note 5:

The Company’s royalty balance is in relation to the Chiapas properties and royalty amounts have been due since October 2019. The continued delay in making royalty payments may result in significant penalties and action against the Company (see Note 14). Of the $85.5 million balance above, the principal royalties payable balance is $57.9 million, while the remaining balance of $27.6 million is associated with estimated interest fees.

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