Reconnaissance Energy (Africa) Ltd RCNWF

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

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

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Post by pacer001on Aug 10, 2023 3:05pm

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Post# 35582356

Could befall Recaf and Namibia?

The Ugandans have been struggling with their pipeline to bring their oil from their inland to coast for like 10 years now. It is way behind schedule, vastly over budget, and loosing partners and backers increasingly. It was supposed to be a slam dunk. There are no slam dunks with oil in Africa!

See below about it:

"The price of the project has increased to 5 billion $ and financing as of June 2023 is uncertain, as 24 banks have distanced themselves from the project with only two banks namely Standard Bank, through its subsidiary Stanbic Uganda, and the Industrial and Commercial Bank of China, still advising to the project.

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