What’s Going on with ReconAfrica?
Today, August 10, Canada’s ReconAfrica (RECAF) reported progress related to the oil and gas firm’s Environment, Social and Governance (ESG) program in Namibia, launched June 3, 2021. The ESG program is a collaboration between the company and the Namibian government, working on environmental and social initiatives in the African country. Yesterday, August 9, RECAF stock closed down 14.69% at $6.10 a share.
What Does This Mean for RECAF?
The Environment, Social and Governance (ESG) program is tackling water, wildlife, reforestation and social initiative issues in Namibia. For example, ReconAfrica has contributed NAD $15 million (CAD $1.27 million) toward COVID-19 relief efforts in the country and has hired more than 300 Namibian residents to work for the company. “Eight locations for community water wells” are being prepped to drill, according to a news release, and wildlife surveys have been initiated, along with other environmental and social programs.
“ESG is a long-term process, and a constant commitment,” ReconAfrica CEO Scot Evans pointed out. “ReconAfrica works each day toward our ESG goals and we're pleased to demonstrate progress on many critical initiatives on that journey. Our goal – and the ultimate outcome of a successful ESG program – is to ensure ReconAfrica is a positive contributor to Namibia in all ways – environmentally, socially and economically."
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Reconnaissance Energy Africa Ltd is an oil and gas company engaged in the exploration and development of oil and gas in NE Namibia and NW Botswana. It holds 90% interest in a petroleum exploration license in northeast Namibia and 100% interest in a petroleum exploration license in northwest Botswana which covers the entire Kavango sedimentary basin. The Kavango Basin offers large scale conventional play types.