Reconnaissance Energy Africa Ltd (RECAF)

[dounome]

News on yahoo f

[farml1234]

Shell makes ‘big’ oil discovery offshore Namibia — results imminent
Sources tell Upstream that results of Jonker-1 probe could be revealed within days

3 March 2023 16:24 GMT UPDATED 3 March 2023 16:56 GMT
By Iain Esau in London

Shell looks to have a third significant oil discovery on its hands in Namibia’s red-hot Orange basin play and could make an announcement within hours or days, according to informed sources.

Early last year, the supermajor hit oil with its Graff-1 probe in Block 2913A, just ahead of TotalEnergies striking hydrocarbons at its huge Venus prospect in adjacent block 2913B and before Shell went on to have success with its follow-up La Rona-1 well, close to Graff.

In late January, Upstream reported that early signs from Shell’s Jonker-1 exploration probe — also in Block 2913B — were promising, with Northern Ocean’s semi-submersible rig Deepsea Bollsta understood to have hit hydrocarbons in a secondary target en route to the main reservoir objective.

[tdbowieknife]

Need JV partner and announcement of oil discovery.


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[dounome]

Come on Recaf let's start really start moving. Wakanda forever.

[couldbebetter]

Nice move up today on yesterday's nice move up!
I hope there is a tangible reason behind it. My hope
is that we get an announcement of a JV partner soon.
(The sooner we have a JV partner the better...Even
better if they bring in their own drilling rig(s) and crews.)

[farml1234]

Things are really heating up in our area

Total Fast Tracking Namibia...
Namibia Superfind Too Good Not to Fast-Track. The French energy company TotalEnergies (NYSE:TTE) will be spending half of its 2023 exploration budget on offshore Namibia after the 6-billion-barrel Venus discovery last year, the largest in 2022, propelled the frontier region to global limelight.

https://www.upstreamonline.com/exploration/totalenergies-throws-half-of-this-years-exploration-budget-into-potential-new-golde

[tdbowieknife]

Flippers were driving it up of course. They got wind of the new presentation, which looks really good to me, and were playing that for a trade.


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[Amatuer17]

If they do not consider this particular update as material then they are right.

When BO or collaboration discussions start, no company announced that data room being open. It is closest indication that they are very close to a deal if it has to happen. For investors, this is good trigger to carry speculative accumulation

———-
Slide 4 last line

- JV process underway; data room opened, multiple interested parties undertaking evaluation
———-

[couldbebetter]

Actually, I like that they don't know why it was going up.
That may indicate there is an acquirer of stock that RECAF
is not aware of. Would be excellent if this were to rebound at
the end of the day and end at a high. Today's move so far
is a "gap" open which is very positive if it holds.

[tdbowieknife]

Recon just killed the momentum with pr stateing they are unaware of any material change to explain the recent interest.

Geeezze

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[tdbowieknife]

Figures... going back down faster than it went up.

Flippers flipping.


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[tdbowieknife]

Recon is looking for a JV partner to help them with drilling and production. They have a 20 year production lease with the promise of renewal.


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[couldbebetter]

Sure, anything is possible but suggesting a $10 billion market cap is
unrealistic. Compare RECAF to APA which has a solid operation in
Egypt ( very good oil production there,) plus Alpine High in the US,
then a massive offshore oil discovery. Throw in some North Sea oil
production and the total market cap is around $14 billion.

One reason I believe a BO is likely is that the governments who
control this will want to see tax revenues happen sooner rather
than later. The governments cannot be happy with all the delays.
At some point, should it become apparent that there is a massive
oil discover here, the government wll very quickly want a super-
major to develop it as it is the quickest road to tax revenues.

[Amatuer17]

Time is not an issue - if oil is discovered the country has much incentive to extract it - so there always will be negotiations

The key is - if the potential for oil is large - this could easily go to $10 B market cap before BO - but that is pure speculation

[tdbowieknife]

They have 20 years to produce once they start to, and then an extention.





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[couldbebetter]

True, except that RECAF has an enemy called time. The acreage is
not forever. (I think the clock starts to run out once they have a declared
commercial discovery.) Given the massive acreage held the more drilling
rigs running the better. Ideally, RECAF will bring in several JV partners.
(Maybe each one will have a certain geographic area to cover.) Be careful
in suggesting what the absolute value may end up being. If the acreage
turns out to be very prospective I would look for a BO, but well before the
share price has a chance to hit $20. Thus, in my opinion that may place
a cap on the share price. Anyhow, right now this will be fun to watch play
out.

[couldbebetter]

Someone or something seems hell-bent on accumulating a position
and or driving up the share price. My hope is to get over $5.00 at some
point this year. Hope we get a JV partner announcement sooner rather
than later.

[Amatuer17]

For me - the drilling results do not mean much at this point for SP

Reason - they have lease ownership of 8.5 million acres of land for drilling

If the JV partners sees value - we are going to see a deal in 3-4 months - this could push the market cap to $1 B and above which is $5 SP
Also they will not need to raise cash as JV will come with loads of money

[farml1234]

Man we are on fire this morning and volume Canada and the USA


jmho

[couldbebetter]

A17, For me what is most frustrating is that everything at RECAF
moves so slow, and ultimately what is most meaningful will be drilling
results. What I want to see the company do is rapidly get to the point
where they will have JV partners actually bringing in their own drilling
rigs and crews to drill prospective oil targets! I can understand the
need for having the best data set possible in order to select the best
prospective target locations...but they must be drilled to now for certain
what is there! The sooner RECAF selects viable JV partners the better.
However, it will be actually drilling the wells that will count!

[Amatuer17]

Thanks - this is very detailed and much better deck

Here is the possible reason for price moves

Slide 4 last line

? JV process underway; data room opened, multiple interested parties undertaking evaluation

Once data room is opened and evaluation started means, they are in advance stage of JV process - we can expect actual (if the data is attractive) bidding in 2-3 months
Some parties may wait for eFTG results

The JV deal could be announced in 3-4 months and deal closure could take much longer

[theswordman]

https://reconafrica.com/wp-content/uploads/FEB-2023-Update-ReconAfrica-Corporate-Presentation-Q1-2023.pdf

[couldbebetter]

RECAF broke the pattern today by holding a very nice gain and closing
at the high of the day. (All that on a down market day as well!) One could
surmise that there may be some good news coming down the pike. That
could be a JV partnership agreement or something else. I hope that a JV
partnership would actually end up being several JV partners who would
bring in their own drilling rig(s) and exploration team(s.) RECAF in the
past has complained that they are very small so everything takes more
time to accomplish. RECAF needs to bring in the big boys to get this
exploration moving!

[couldbebetter]

At this stage it is impossible to predict when meaningful news
will be released. Obviously, having a commercial oil discovery
would be the most important. My hope is that whatever info is
gleaned from seismic and other methods not only leads RECAF
into drilling at the best locations but also result in that info enticing
several JV partners to get active with drilling. My strategy for
playing this is to keep my current position and not sell until it
hits at least $5.00. Also, I will buy more if by some bizarre chance
the share price goes to the low $.80's. Good to see the recent
moves higher!

[Amatuer17]

This from Dec’22 press release

“After recently making significant progress in scheduling and permitting of acquisition of this data, the Company is advised that it will be completed by late-January 2023. Our initial interpretation will follow shortly thereafter”

Also the well 5-1 drilling May start soon as per release

So maybe we will hear some news soon

[tdbowieknife]

Seems a few think this is still a good play... up 19%

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[Amatuer17]

Any news today?

[doinit]

that link doesn't work.. do ya have a new one

[Newhenge]

I'd love any news... or opinions...
Nothing substantive on their Twitter page since Dec 23rd.

[dounome]

Is there oil in this hole or what?

[dounome]

Anybody heard anything on Recaf

[rex82]

Here is another Updated Short Report.
I am still seeing Dark Pool Trading today.

https://www.reddit.com/r/ReconAfrica/comments/zmqe6t/reconafrica_december_2022_investor_call_link_to/

[Amatuer17]

Watched early part of the presentation - we need to get the deck - seems the results were not as per expectations but they still see some limited success and are trying to build on it - it has some potential but will take long time

[tdbowieknife]

Probably wasn't what was hoped for. No PR yet. The conference call hasn't started yet. 11 eastern.





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[Amatuer17]

Seems the call was not good - stock is tanking

[tdbowieknife]

Investor conference call tommorow, announced this morning.





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[dounome]

What's going on with RECAF.

[tdbowieknife]

And... to the point of over 6 bucks would be nice.

[tdbowieknife]

Yes. Hopefully more folks take advantage of the overdone selling situation soon.

[rex82]

Here is a another report out
On Recon Africa from short report author. Positive spin and good information.
https://www.reddit.com/r/ReconAfrica/comments/z9yc7x/reconafrica_mda_for_q3_2022_fully_funded_with/

[tdbowieknife]

I hope not. Bought at .98 and had trouble getting them.

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[Coolwiscodude]

It bottoms at 82 cents US IMO. Will buy more there, as I still believe good news coming.

[tdbowieknife]

It's feeding on itself.

How low will it go...


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[dounome]

What the hell is happening to Recaf, are you kidding me.

[Amatuer17]

A good article - this is a long term gamble - need a lot of patience

https://seekingalpha.com/article/4557205-reconnaissance-energy-8-2-well-disappointing-catalysts-ahead

[tdbowieknife]

Well, I picked the wrong one to add to yesterday. And of coures the one I didn't add too is up 100% right now.

Geeezzz


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[futrcash]

https://reconafrica.com/wp-content/uploads/ReconAfrica-Press-Release-110922.pdf

futr

[db101]

…so much for troubles behind us

[couldbebetter]

From an email I received a week or so ago RECAF claimed delays in
analyzing info. Regardless, until the company figures out they need to
put out more information on a regular basis, the share price will suffer as
investors will either wait and see, or sell and move on. Of course, that also
means that there is little interest in anyone buying. Management should
understand they are causing a problem that goes against their own interests.

[Amatuer17]

The co is not going anywhere - there is no progress report - no leaks - seems company did not find much in those drills and surveys