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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).


TSXV:RECO - Post by User

Post by Oregonduckon Jun 28, 2023 12:03am
252 Views
Post# 35517757

What is that loud sucking sound??!!

What is that loud sucking sound??!!...It is money going out of investors' pocket.

In the preliminary prospectus, the Co states that as of May 31,2023, there is a working capital deficit of $48 million due to operational costs and the Mexican debts. The W/C shortfall has blown up from Dec 31, 2022 at $8.7 million.

Reco is expected to receive $4,250,000 from the proceeds of the  preliminary $5.0 million placement (subsequently increased to $6.5 million). The dealers that peddled the stock will be  well rewarded with huge commissions and free warrants.

The Co says that the money raised might be used for working capital if needed, and not for the preparation of drill site for the Damar fold prospect. You can bet your money that they will keep raising money to stave off bankruptcy until they can't anymore.


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