What is going on with RECAF?
Reconnaissance Energy Africa (RECAF) stock rose Tuesday after the company provided a response to a Globe and Mail article published on June 20, which attacked ReconAfrica and Canada's securities regulators on the basis of environmental malpractice.
ReconAfrica is a 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.
What is going on with Reconnaissance Energy Africa?
ReconAfrica responded strongly to the article, citing the story as "defamatory" and written on the behalf of "clandestine environmental activists...seeking to disrupt the company's operations in Namibia by any means necessary." The company also claimed that the Globe and Mail's tactics were meant to negatively impact RECAF's stock price, as the company has the largest declared short position of all TSXV companies.
ReconAfrica, which is headquartered in British Columbia, reiterated its commitment to opening a new operations office in Calgary that "will not change the company's regulatory jurisdiction."
RECAF has an Overall Score of 66. Find out what this means to you and get the rest of the rankings on RECAF!
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.
