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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Reconnaissance Energy Africa Ltd.    RECO   CA75624R1082

RECONNAISSANCE ENERGY AFRICA LTD.

(RECO)
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Reconnaissance Energy Africa : ReconAfrica Appoints Mr. Nick Steinsberger as Senior Vice President, Drilling and Completions

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06/25/2020 | 12:02am EDT

VANCOUVER, BC, June 25, 2020 /CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTC: RECAF) (Frankfurt: 0XD) is pleased to announce, in preparation for the upcoming drilling program in the Kavango Basin, the appointment of Mr. Nick Steinsberger as Senior Vice President, Drilling and Completions.   

Nick Steinsberger brings 32 years' experience in petroleum engineering, drilling and completions, production, and surface facilities to ReconAfrica as the Company commences the first drilling program in the newly discovered Kavango sedimentary basin, in Namibia and Botswana.  Nick will be responsible for both the management of the Company's Crown 750 drilling rig and the drilling and completion of the initial drilling program, scheduled for Q4 of 2020.

Mr. Steinsberger began his career as Completions Manager for Mitchell Energy in 1988 and was responsible for completing the first 25 horizontal shale wells ever drilled and completed in the Barnett Shale in Texas, transforming the Barnett into industry's first commercial shale play and ultimately one of the largest gas fields in the USA reaching peak production of 5.75 Billion Cubic Feet per day in 2012. Based on its success in the Barnett, Mitchell Energy was sold to Devon Energy for $3.1 Billion in 2002.

"Nick is the pioneer of 'slick water fracs', a technique which transformed the economics and productivity of the Barnett shale and is now utilized in all commercial shale plays worldwide", stated Scot Evans, ReconAfrica's COO. "He is considered a world leader in completions and well design, and has supervised over 1500 well programs in North American conventional and unconventional plays."

ReconAfrica is a junior oil and gas company engaged in the opening of the newly discovered deep Kavango Sedimentary Basin, in northeastern Namibia and northwestern Botswana where the Company holds petroleum licenses comprising approximately 8.75 million contiguous acres.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements: Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

SOURCE Reconnaissance Energy Africa Ltd.

© Canada Newswire, source Canada Newswire English

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Financials
Sales 2019 - - -
Net income 2019 -3,12 M -2,33 M -2,33 M
Net cash 2019 2,26  1,69  1,69 
P/E ratio 2019 -3,80x
Yield 2019 -
Capitalization 108 M 80,7 M 80,7 M
Capi. / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 75,8%
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Managers
NameTitle
Scot Evans Chief Executive Officer
J. Jay Park Chairman
Carlos Javier Escribano Chief Financial Officer
James Granath Director & Structural Geologist
Shiraz Dhanani Director
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