Reconnaissance Energy (Africa) Ltd V.RECO

Alternate Symbol(s): V.RECO.W.A | RECWF | RECAF

Reconnaissance Energy Africa Ltd. is a Canada-based oil and gas company. The Company is engaged in the opening of Kavango Sedimentary Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana. It holds 90% interest in a petroleum exploration license in northeast Namibia and a 100% interest in petroleum exploration rights in northwest Botswana over the entire Kavango Sedimentary Basin. The Company's exploration license covers an area of approximately 25,341.33 square kilometers (6.3 million acres) and 8,990 km2 (2.2 million acres) in Botswana. The two licenses together comprise 34,325 sq km (8.5 million acres). Its conventional drilling program is focused on analyzing the rocks to determine if there is a working petroleum system in the Kavango Basin.

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Reconnaissance Energy (Africa) Ltd > Massacre Coming

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Post by Oregonduckon Jul 05, 2022 11:01pm

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Post# 34804014

Massacre Coming

In and around April 2020, the price of U.S. benchmark oil fell more than $50 a barrel to about $30 below zero, the first time oil prices had ever turned negative. Such an eye-popping slide was the result of a quirk in the oil futures market but it underscored the industry’s disarray as the coronavirus pandemic decimated the world economy.

Demand for oil at that time collapsed, and despite a deal by Saudi Arabia, Russia and other nations to cut production, the world ran out of places to put all the oil the industry kept pumping out — about 100 million barrels a day.

Prices went negative — meaning that anyone trying to sell a barrel would have to pay a buyer $30 — in part because of the way oil is traded. Futures contracts that require buyers to take possession of oil and nobody wanted the oil because there was no place to store it.

JP Morgan is predicting oil could drop to $65 due to the predicted coming recession and demand destruction.

Oil or no oil, you can stick a fork in Reco.