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Ballstein32
Auburn Fan
Member since May 2020
209 posts

re: Could this be the next big play? (RECAF)

VANCOUVER, British Columbia, May 05, 2021 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSX-V: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) is pleased to announce that it has entered into an agreement with Haywood Securities Inc., as underwriter (the “Underwriter”), pursuant to which the Underwriter has agreed to buy, on a bought deal basis, 2,632,000 units (the “Units”) at a price of C$9.50 per

LINK



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White Doug
Member since Mar 2015
15 posts

re: Could this be the next big play? (RECAF)
Weird...Haywood is buying a chunk as underwriter. Same Company that put out the projection. Seems like they are getting a discount 9.50CAD for about 2.5
Million shares.


GREENHEAD22
LSU Fan
Member since Nov 2009
15723 posts

re: Could this be the next big play? (RECAF)
I am not a M&A finance expert but while it has some shady it also seems like a show of strength.


White Doug
Member since Mar 2015
15 posts

re: Could this be the next big play? (RECAF)
I’d agree. The warrants in the $20cad range are Enticing. Haywood is definitely bullish.


GREENHEAD22
LSU Fan
Member since Nov 2009
15723 posts

re: Could this be the next big play? (RECAF)
I think the regret is going to continue to sting on this one.


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GREENHEAD22
LSU Fan
Member since Nov 2009
15723 posts

re: Could this be the next big play? (RECAF)
I almost added a small position in my Roth Vanguard has shite the bed again, becoming a common occurrence so missed that.


Ballstein32
Auburn Fan
Member since May 2020
209 posts

re: Could this be the next big play? (RECAF)
I would still add if I were you. The second well sounds promising especially after the confidence they have in the findings from their first well.

This is still a speculative play but imo it's becoming a stronger and more confident play for me.

There is a hit piece out by Nat Geo right now allegedly by short sellers talking about how environmentally unfriendly they are, and how theyve skirted the rules and necessary permits and stuff....Recafs response was epic:


The National Geographic article published on May 21, 2021 describes a complaint to the SEC purported to have been filed on May 5, 2021. ReconAfrica has no knowledge of such a complaint and a request made to National Geographic for a copy was met with no response.

First, it is important to know that anyone can file a complaint with the SEC. There are no standards or requirements for accuracy or truth for these filings, and they should be understood as such—unproven allegations. 

The following points are in direct response to allegations raised within the National Geographic article.

ReconAfrica undertook every aspect of its financings transparently and legally, in compliance with applicable securities laws.All sales and purchases of shares by officers and directors of ReconAfrica are publicly disclosed and are in full compliance with filing and disclosure policies of the securities regulators. Directors and officers of ReconAfrica are net purchasers of over 244,000 common shares and 1,370,000 common shares in the past month and year respectively. Directors and officers are also purchasers in the most recently announced financing.On April 15, 2021, ReconAfrica announced that geological analysis and extraction of oil from well 6-2 samples with subsequent fingerprinting for key characteristics of the liquids, provide clear evidence of an active conventional petroleum system with multiple source rock and reservoir intervals in this area of the Kavango Basin. This fact has been verified by internationally recognized and independent third parties recognized as leaders in this area. ReconAfrica continues its planned seismic and multi-well drilling programs to confirm commercial quantities of oil and gas, as disclosed in the press release.ReconAfrica's licence is for conventional early-stage exploration within the Kavango Basin. As previously noted, no licence to carry out fracing activity exists nor has been applied for.Current operations are more than 50km south of the Okavango River and 260km west of the Okavango Delta.Craig Steinke, the founder of ReconAfrica (Namibia), has been personally and unjustifiably attacked within the National Geographic article. The transaction between Renaissance Oil and ReconAfrica involving the Botswana licence was accepted by the TSX Venture exchange and supported by an independently prepared evidence of value.


LINK


Another reason I really like this company is their president, Craig Steinke just gave an interview and they talk about pretty much everything you'd need to know about their current situation (the drilling of the 2nd well to the alleged short attack) and its definitely boosted my confidence.

I highly recommend reading the whole thing but here are a couple highlights:


"With the first well, as conveyed in the news release, we drilled into some sedimentary rocks and then deeper down we drilled into carbonates. Both looked very opportune because we saw high BTU gas and light oil in the sedimentary rock and then the same in the carbonates. And it comprised 660 feet or 200 meters of light oil and high BTU gas."

"One of the glaring problems in the region is the local population don’t have the wherewithal to drill water wells but there is a fresh water aquifer right under their feet. They have to walk up to 10 km per day with 45 lbs of water on their heads. RECO recognized this problem before Christmas. As soon as we landed the rig, in conjunction with the local water authorities, we started drilling water wells for the local community.  We now have four community water wells operational and are permitting six new wells. RECO is already employing approximately 300 people in Namibia and over half of that in the Kavango region where they need the jobs the most."

LINK /


ColoradoAg03
Texas A&M Fan
Denver, CO
Member since Oct 2012
4900 posts

re: Could this be the next big play? (RECAF)
I love that CEO even more. He’s no Scott Sheffield, but seems like he’s awesome.


GREENHEAD22
LSU Fan
Member since Nov 2009
15723 posts

re: Could this be the next big play? (RECAF)
This should make things interesting. Possible buying opportunities in the future.


tigerfoot
LA-Monroe Fan
Alexandria
Member since Sep 2006
47810 posts

re: Could this be the next big play? (RECAF)
Took off this morning. Looks to be fueled by good reports off second well. Exciting to see.


GREENHEAD22
LSU Fan
Member since Nov 2009
15723 posts

re: Could this be the next big play? (RECAF)
I bite the bullet literally yesterday and bought some in the Roth.

Wish I had bought more now.


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ColoradoAg03
Texas A&M Fan
Denver, CO
Member since Oct 2012
4900 posts

re: Could this be the next big play? (RECAF)
440' of pay in just the first section. The 1st well had about 600' in total. Sweet spot indeed, so far it seems to be so as anticipated.


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Ballstein32
Auburn Fan
Member since May 2020
209 posts

re: Could this be the next big play? (RECAF)
This company and stock is getting more exciting every day.


LINK


On April 15th, Recon Africa announced the results of its first of three drills (6-2), showing evidence of an active petroleum system.

Not only did the results point to indicators of an active petroleum system in this nearly 9-million-acre basin, but also provided 200 meters of oil and natural gas indicators/shows over three discrete intervals in a stacked sequence of reservoir and source rock. 

Then, on June 3rd, RECO gave investors another reason to be excited, when the first section of its second well (6-1) provided further confirmation of a working petroleum system. At shallow depths, the well encountered 134 meters of light oil and gas. 

The second well is 16 kilometers from the first well and is in the same sub-basin. 

"In these first two wells, the many oil and gas shows, with such variety, is certainly remarkable. It is highly encouraging to see clastic and thick carbonate sections which appear to have similar reservoir characteristics as observed in many other petroleum provinces,” ReconAfrica director Dr. Jim Granath said in a statement.



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