Reconnaissance Energy (Africa) Ltd V.RECO

BOTSWANA

[crude]

I think we just raised enough to purchase a rig to move on Botswana. Both Namibia and Botswana have expressed working together on infrastrucrure -- WOW !!!!

[farml1234]

many idle rigs sitting in company yards around the world for sale and at a good price

[TurnToTheRight]

People, we need to get off the idea of RECO buying a rig, there is a reason why Exxon and shell don't own any rigs and instead contract them out (sometimes under very long and high dollar value contracts) - it doesn't make financial sense. RECO approached precision drilling (out of Calgary) and the mobilization costs were the same as buying a rig, so it made sense. But this is not the rig