Reconnaissance Africa(RECO)

Thanks Golden Boy, looks like quite a few of the Struthers disciples got in this one. He did say would be the next Ultra Petroleum and sure is off to a good start

Here is trade summary for yesterday and today so far

Thanks RonS, I got more than a 10 bagger and I am holding. Go RECO!!!!!!!!!!!!

FYI, Cannaccord and Merrill Lynch buying along with RBC and Scotia. Biggest seller Anonymous of course than TD and BMO. Seems a mixture of retail buys and sells. I will do a trade summary of last 2 days and post

Wooooooo another big up day. Almost hit $8. Another up move on Monday??

GB, I agree, I added to my position

Currently around $6.50 and 2nd day of this break away gap on the chart. We could see 1 or 2 more days with new highs. Got to love it.

From Torrey Hills Capital in US

"This is fantastic news for Recon Africa and it's shareholders. Proving up an active conventional petroleum system was the primary goal of this 3 well program and getting that done on the very first well is a tremendous result and is a possible indication that this condition could be distributed across a large portion of the basin. We will find out more as they drill the next 2 wells and once they complete the seismic program we'll know even more. The current price per share of US$4.25 values the play at ~US$70/acre. When you consider that prime land in the Permian Basin in it's boom years could go for well over $25,000 per acre, there is a lot of room for this to go up in value as they continue to prove up the quality and quantity of this play over time. A valuation of just $500/acre, would put the share price over $30 and today's release goes a very long way in supporting this potential move towards a higher value per acre at Recon's Kavango play. "

Yes, up very nice on this one. Here is the news

2021-04-15 02:46 ET - News Release


Mr. Dan Jarvie reports

RECONAFRICA'S FIRST OF THREE WELLS CONFIRMS A WORKING PETROLEUM SYSTEM IN THE KAVANGO BASIN, NAMIBIA

Ministry of Mines and Energy (MME) and Reconnaissance Energy Africa Ltd. have provided a preliminary analysis of the data from the 6-2 well, the first of a three-well drilling program, and has provided clear evidence of a working conventional petroleum system in the Kavango basin.

First Drill Site (6-2 well)

The well sample log of the 6-2 provides over 200 meters (over 660 feet) of oil and natural gas indicators/shows over three discrete intervals in a stacked sequence of reservoir and source rock. Extraction of oil from these samples and subsequent fingerprinting for key characteristics of the liquids, supports an active petroleum system with multiple source intervals.

Dan Jarvie, petroleum systems chemist and member of ReconAfrica's Advisory Board, stated "These shows are indicative of migrated, thermogenic petroleum and occur over three different intervals in the 6-2 test well. The intervals penetrated include highly porous, permeable sediments and marine source rocks as predicted, and an extensive marine carbonate lithofacies. Mud gas results indicate a high BTU gas with the presence of light oil in numerous cutting samples. Based on these initial results, the components and processes for a working petroleum system are all present."

Working closely with MME and ReconAfrica to provide further detailed analysis of all data are premier industry service companies including:

Core Laboratories ("Core Lab") of Houston, Texas in the analysis of potential reservoir rocks

GeoMark Research, Houston, Texas on geochemical analysis of source rocks and extracted liquids, including "fingerprinting" for key characteristics, and

Netherland Sewell & Associates Inc, Dallas, Texas for petrophysical analysis (rock properties and associated liquids) and additional geologic analysis.
Second Drill Site (6-1 Well)

With drilling, coring and logging operations now complete on the 6-2 location, the Company owned rig is being mobilized to the 6-1 location, 16 kms (10 miles) north of 6-2 drill site. This second well is designed to evaluate the petroleum systems discovered in the first well (6-2) in an area of maximum thickness.

Hon. Thomas Alweendo, Namibian Minister of Mines and Energy stated, "This is a great period for the people of Namibia, with the results of the well confirming a big potential for a very valuable energy resource for our country and therefore a significant development for Namibia onshore exploration efforts. The positive results of this well have provided us with the critical information required to unlock the country's petroleum prospectivity and is the first step in the process of locating significant accumulations, we can now confidently confirm Namibia is endowed with an active onshore petroleum basin."

The Ministry of Mines and Energy of Namibia (MME) is the State's lead agency in attracting private investment in resources exploration and development through the provision of geo-scientific information on minerals and energy resources, and management of an equitable and secure titles systems for the mining, petroleum and geothermal industries. It also carries prime responsibility for regulating these extractive industries and ensuring that safety, health and environmental standards are consistent with the relevant State and Commonwealth legislation, regulations and policies.

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.

Very good open, now just under $6

Trading up approximately 1.00 euro, 45%, in Germany at 05:00 est

Huge news on recon tonight. The 6-2 well, the first well drilled has proven an oil system.

ReconAfrica's First of Three Wells Confirms a Working Petroleum System in the Kavango Basin, Namibia