Reconnaissance Energy (Africa) Ltd V.RECO

Jim George or any other knowledgeable oil guy

[peterj99]

If RECO were in negotiation with one or 2 other companies would the same disclosure rules apply?

[jimgeorge]

Absolutely the rules would apply.  If they are looking for a partner (which is essentially a "sale" of a part interest in their properties) they would have to disclose all their data to every prospective partner.  These prospective partners would have to sign non-disclosure agreements, and "standstill" agreements meaning these companies and their employees who are in

[peterj99]

First Thanks You have explained it very well You are one of the more knowledgeable posters  I have been critical of your earliest post Having said that if you can indulge me with another question: Does material info need to be disclosed before all the testing is completed? I'm guessing that is it possible to know that oil is actually present but RECO is trying to determine how much

[jimgeorge]

That's always a tough question.  The test is whether you think the info you have can materially affect the share price, so if you're not sure you contact market surveillance and discuss it with them.  They may agree that you need to get more data before it is material, or just by knowing you have free oil (without knowing how much, whether it will flow or not, etc) that could

[peterj99]

Thanks Your explanation is always great My take on the delay RECO is following the rules closely They are not looking for a suspension or any other "bad mark" So, I think they probably met with the "market surveillance" and were granted an extension. My guess is there was a mechanical breakdown of testing equipment I am just speculating as I have no real info again