Reconnaissance Energy (Africa) Ltd V.RECO

No one can convince me

[Chas15]

that this news is good in any way. Who would retire if the company was on the verge of a large oil find? The answer is simple - NO ONE. Turbulence ahead for RECO.

[Luckboxx]

LOL...try harder.  You must be desperate for lower prices.

[Chas15]

That's the best you can come up with? Lol. Explain to me how someone retiring before a massive petroleum system is good? Lol. Doug probably retired so he could sell his shares cause he knows they didn't hit anything. 

[GorgeousGeorge1]

It's a tough one. He could be retiring because he has 1.4m shares and he knows he's going to be loaded in a few months, or he could be retiring so he's no longer a company insider and can sell his shares on the open market, wanting to grab what he can for them. Believe what you want and trade it accordingly.

[Chas15]

Bingo. The timing of said news points towards the negative, they should be just about finished up on the first well...and then this? Not the best time to be hiring new IR. 

[Luckboxx]

So you are assuming this was only the decision of one person?  There is no way this could not have been planned in advance then right?

[Chas15]

The management team planned to let Doug retire during probably arguably the most important month in this company's history? Yeah you are right, makes complete sense. 

[Luckboxx]

Maybe.  Depends on who decided he should retire now...maybe the CEO

[GorgeousGeorge1]

I wouldn't rule out the brighter side though, that he knows his shares are going to be worth a lot more after they announce drill results and he can't be bothered dealing with the enviros in the meantime. I can see the logic in that

[Chas15]

That's also possible, George. The thing that pisses me off is that this is news that could have been released on a Friday, not on a Monday morning. 

[TurnToTheRight]

There is also the possibliity that Doug was "pushed out" and this was a way for him to save face instead of being let go/fired, and the disclosure was required for security exchange reasons - even though I do agree with you Chas15 that the timing is a little odd to coincide with positive results. The rationale is all speculation. If the results are poorer than expected on well #1, it

[Ebenizer3]

yeah nothing like getting "pushed "out of a moving car. doesn't give you a feeling of confidence bout management. most people who retire pick a date sometime in the future, u don't wake up and retire. By the time this event settles his shares will be worth less than $1. First they added 30 days to drilling time with no explanation, Expected alot more out of this management

[Seraphim1]

  well you never know what the reason is for his sudden retirement. Could be something unexpected and life changing like sudden health issue of family member or himself. Ppl get diagnosed with life altering disease all the time and pull the plug on their employer. Just saying

[Chas15]

This is a very naive notion, just saying. 

[Ebenizer3]

ok, that's fair and everyone deals with it in there own way and they don't have to explain. They could have easily stated he left for personal or family or health reasons. Here's to some kinda nr on drilling operation. And will wish Doug Allen all the best going forward. Life is tooooo short. I could be stuck in cgx for 15 yrs drifting off the coast of guyana trying to flag down a

[Hiddensecrets]

How about the possibility that he exercised these warrants when he was privy to MATERIAL INSIDER INFORMATION and had an advantage over other investors, which makes his acquisition of stock ILLEGAL.  The normal thing would have been to let the warrants expiry because he could not buy with this insider information. However he did not want to let go of the opportunity cause it was too much

[GorgeousGeorge1]

I think the assumption is that he does have information on the success of the first well. We're trying to weigh up why he would retire soon after exercising 700k warrants, with the information he has

[amkestrel1961]

Your suppositions are near character assassination and may be libelous.

[GorgeousGeorge1]

Yeah I agree Chas. Not what I wanted to read on a Monday morning, was busy all day so didn't have time to deal with it. That warrant conversion was a big deal to me, disappointed to read the announcement this morning

[peterj99]

Bad news is normally released on Fridays, not Monday Google it 

[Banker67]

I have cancer. I have had it for almost a year. I have decided to sell my small portfolio over the next few months in the hope that I can see a few of them come back a little. I plan on selling half of my RECO shares if it gets to $4.00. The rest I hope to see them appreciate once they find oil but I will ride them. If I had 1.4 million shares and/or warrants I would think about selling them as

[Buyhigheatchips]

You guys should check the tea leaves too lol. We defintely need news just to keep people on this board tethered to reality. I hope the CEO doesn't sneeze tomorrow.