Reconnaissance Africa(RECO)

Gambler, close enough we hit 9.99

There was coverage on CNN today. It really played the climate change card, but any coverage is good coverage for a little unknown junior

us.cnn.com/2021/05/03/africa/namibia-oil...-intl-cmd/index.html

RECO up again today, last $9.72. $10 here we come

Haywood also put a report out after the news

reconafrica.com/wp-content/uploads/Haywo...port-Apr-15-2021.pdf

I am up about 5 times on the average of positions I bought

New analyst report out yesterday

reconafrica.com/wp-content/uploads/Quest...ject-Reco-Report.pdf

Here is a small tid bit

Geochemical analysis, based on reasonably predicted source rock properties and various thicknesses,
indicates that the Permian petroleum system within the Kavango basin has potential to have generated 66-
120 billion boe of hydrocarbons within 1,641 sections of land alone, which represent about 12% of
ReconAfrica’s total acreage. Using a hypothetical scenario under a number of conservative assumptions
detailed in the second half of this report, these 1,641 sections could contain ~1.9 billion boe of conventional
technically recoverable resources. Assuming US$60/bbl Brent oil price, we estimate a development this size
could translate into a NAV of C$24.46 per ReconAfrica share, implying significant potential upside to the
stock’s current trading levels. A ~3.8 billion-barrel recoverable resource could be worth C$30.57 per share
(see Figure 2). If the company is able to reduce dilution by finding alternate sources of funding instead of
issuing new equity to finance its share of capital spending, the upside to the NAV per share could be even
greater.

Duplicate post sorry

GB you called it right on, looks like that consolidation started today, currently $7.46 down $1.09. Can't go straight up forever

The stock has gaped up for the 3rd day, sometimes I have noticed 4 days in a row, but the stock should be due for some consolidation soon.

Alex, here is acquisition news

2021-04-19 06:38 ET - News Release

Also News Release (C-ROE) Renaissance Oil Corp

Mr. Scot Evans of Reconnaissance Energy reports

RECONAFRICA ENTERS INTO LETTER OF INTENT TO ACQUIRE RENAISSANCE OIL

Reconnaissance Energy Africa Ltd. and Renaissance Oil Corp. have entered into a letter of intent (LOI) setting forth the material terms and conditions upon which Reconnaissance Energy Africa will acquire all of the issued and outstanding common shares and convertible securities of Renaissance. The transaction is expected to be implemented by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia).

Pursuant to the LOI, Reconnaissance Energy Africa will issue to each holder of a Renaissance share 0.046 of a common share of Reconnaissance Energy Africa. The value of the consideration represents a 1.45-per-cent premium over the closing price of the Renaissance shares on the TSX Venture Exchange on April 16, 2021, the last day of trading prior to the announcement of the transaction, and based on the closing price of the Reconnaissance Energy Africa shares on the TSX Venture Exchange of $7.62 on April 16, 2021. The terms of the transaction value Renaissance at 35 cents per share or approximately $155-million. Following the completion of the transaction, current shareholders of Renaissance will hold approximately 20,340,792 shares or 11.36 per cent of the fully diluted issued and outstanding shares of Reconnaissance Energy Africa.

The boards of directors of each of Reconnaissance Energy Africa and Renaissance, respectively, have unanimously approved the entering into of the LOI. The companies have agreed to a 30-day exclusivity period to, among other things, negotiate and settle a definitive agreement.

"With ReconAfrica's recent drilling success in the Kavango basin, the company has determined it is in the best interest of ReconAfrica shareholders to consolidate all interests," stated Scot Evans, chief executive officer of Reconnaissance Energy Africa. "Renaissance Oil's right to acquire 50-per-cent working interest in 2.2 million acres in the eastern part of the Kavango basin (Botswana) is potentially very valuable to ReconAfrica as it pursues the development of conventional resources in the basin."

"Consolidating all interests in the Kavango basin to 8.5 million acres, which covers the entire sedimentary basin, is in an accretive transaction for both ReconAfrica and Renaissance," stated Craig Steinke, chief executive officer of Renaissance. "The combined company will solely focus on the development of the deep Kavango basin while exploring strategic alternatives for the Mexican assets."

The LOI is non-binding and there is no assurance that the transaction will be completed as proposed or at all. The completion of the transaction is subject to, among other things: (i) completion of satisfactory due diligence by each of Reconnaissance Energy Africa and Renaissance; (ii) negotiation of a definitive agreement and the entering into of a binding definitive agreement in connection with the transaction, to include standard non-solicitation, superior proposal and right to match provisions, following receipt by the board of directors of Renaissance of a fairness opinion in connection with the transaction and the board of directors resolving to unanimously recommend that shareholders of Renaissance vote in favour of the transaction; (iii) the entering into by the directors and officers of Renaissance of support and lock-up agreements on terms satisfactory to Reconnaissance Energy Africa to vote in favour of the transaction; and (iv) receipt of all required corporate approvals from the board of directors of Reconnaissance Energy Africa and Renaissance, respectively, and all regulatory and shareholder approvals, including majority of the minority shareholder approvals, as applicable, any competition or foreign investment approvals and the approval of the TSX-V and any required third party consents.

RECO now 9.85 Wow and they are acquiring ROE

Great find by RonS, I was in the Ultra Petroleum early as well. Just be patient, elephant fields take a long time to develop to full potential.

Great video here from 2 weeks ago. Especially good if you are new to RECO