What’s Going on with RECAF?
Reconnaissance Energy Africa (RECAF) has received support from the Kavango East Governor after National Geographic published an article on May 21 characterized by ReconAfrica as a “hit piece.” The Nat Geo article, which caused shares to fall, was previously reported by InvestorsObserver. Kavango East is a region in Namibia that is part of the Kavango Sedimentary Basin in the Kalahari Desert. RECAF shares closed down yesterday, May 27, at $6.96, which is a 2.47% drop.
What Does This Mean for ReconAfrica?
Reconnaissance Energy Africa holds petroleum licenses in the Kavango Sedimentary Basin. The company asserts that the National Geographic article was full of false allegations penned by environmental activists to benefit short sellers. Furthermore, ReconAfrica denied that a complaint was filed with the SEC about the company on May 5, and said that National Geographic was unable to provide ReconAfrica a copy of the alleged complaint.
Governor Bonifasius Wakudumo of East Kavango stated in today’s press release that he believed the recent article in National Geographic (detailing the alleged SEC complaint) did “not reflect the integrity and business practices of ReconAfrica and its operations in our region, Kavango East. In all of ReconAfrica's dealings with our office, local and traditional authorities, the company has done everything legally and transparently, respecting all levels of authority and the expectations of our communities.”
The Governor went on to add that it “is up to us, the Namibian people, to determine how the country will develop and manage our natural resources, and we have welcomed [ReconAfrica’s] operations.”
RECAF has a Long-Term Technical Rank of 98. Find out what this means to you and get the rest of the rankings on RECAF!
Reconnaissance Energy Africa Ltd, formerly Lund Enterprises Corp is a junior oil and gas company engaged in the exploration and development of oil and gas in Namibia. It holds an approximately 90% interest in a petroleum exploration licence in northeast Namibia which covers the entire Kavango sedimentary basin. The Kavango Basin offers both large scale conventional and non-conventional play types.