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MarketScreener Homepage  >  Equities  >  Bourse de Toronto  >  Reconnaissance Energy Africa Ltd.    RECO   CA75624R1082

RECONNAISSANCE ENERGY AFRICA LTD.

(RECO)
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Reconnaissance Energy Africa Ltd :. - ReconAfrica Operational and Corporate Update, Namibia

04/08/2021 | 08:20am EDT

VANCOUVER - Reconnaissance Energy Africa Ltd. is pleased to provide the following operational and corporate updates.

Operations

In accordance with its contractual obligation to the Ministry of Mines and Energy, ReconAfrica has achieved total depth on the 6-2 well, the first well of a three well drilling program in the deep Kavango basin. This stratigraphic test well has accomplished all the goals ReconAfrica set for it which includes the acquisition of an abundance of whole and sidewall core along with cuttings and significant well log data. The well has been drilled safely and in an environmentally responsible manner. All data is undergoing a comprehensive analysis by ReconAfrica's Namibian and North American technical team and consultants.

Once all operations are completed on the 6-2 location, the rig will be moved approximately 10 miles (16 kilometers) north to the second well site in the program, the 6-1 location. Preparation of the 6-1 site has been proceeding in parallel to the 6-2 drilling operations, with the expectation of commencing drilling this second well in late April 2021.

Corporate Social Responsibility (CSR)

The Company's CSR team has been working with the Ministry of Environment, Forestry and Tourism (MEFT), Ministry of Water, Agriculture and Land Reform (MAWLR), NamWater, Ministry of Mines and Energy (MME), Regional Governments, Traditional Authorities and communities to implement multiple environmental and social projects. Of critical importance to the region, ReconAfrica has permitted and drilled four community water wells which are fully operational and is permitting an additional six locations in both East and West Kavango. These wells are in addition to the two well-site water wells, that have been drilled to support operations, and will be available for use by the local communities when appropriate. As access to fresh water is a major daily challenge for many residents in the Kavango Region, drilling and completing wells, for those who need it the most, is a significant component of ReconAfrica's community outreach program in this impoverished region.

Personnel

Diana McQueen has joined ReconAfrica as Senior Policy Advisor in the fields of Government, Indigenous Relations and Strategic Affairs. Diana is highly experienced in governmental affairs having held various Alberta provincial cabinet roles including Minister of Energy, Minster of Environment & Water, Minister of Environment & Sustainable Resource Development/Forestry and Climate Change, Minister of Municipal Affairs and Government House leader, and member of numerous committees such as Treasury Board, and Agenda & Priorities.

Also, joining the Company is Geoff Anderson, a petroleum geologist with over 17 years of experience in exploration and development geology, and petroleum economics. He has an MBA in Energy Leadership and is skilled in economic evaluation modeling and project development. Geoff started his career at BlackRock Ventures Inc. which was sold to Shell Canada for $2.4 Billion CAD in 2006. He also held a geologist role at North American Oil Sands Corporation that was sold to StatOil for $2.2 Billion CAD in 2007. His most recent role was as Senior Geologist and Economic Modeler with Prosper Petroleum Ltd. based in Calgary, Alberta.

ReconAfrica is a junior, Canadian oil and gas company engaged in the opening of the newly discovered deep Kavango Sedimentary Basin, in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum licenses comprising approximately 8.5 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbances in line with international best standards and will implement environmental and social best practices in all of its project areas.

Contact:

Scot Evans

Tel: +1 (604) 423-5384

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 - - -
Net income 2020 - - -
Net cash 2020 15,3 M 12,2 M 12,2 M
P/E ratio 2020 -
Yield 2020 -
Capitalization 571 M 454 M 455 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 71,7%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 1
Average target price 7,00 $
Last Close Price 2,96 $
Spread / Highest target 137%
Spread / Average Target 137%
Spread / Lowest Target 137%
Managers and Directors
NameTitle
Scot Evans Chief Executive Officer
Carlos Javier Escribano Chief Financial Officer
J. Jay Park Chairman
Anna M. Tudela Secretary & Chief Compliance Officer
James Granath Director & Structural Geologist
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