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RNSFF: Pursuant to the Plan of Arrangement with with Reconnaissance Energy Africa Ltd, each Renaissance shareholder will receive 0.046 of a common share of Reconnaissance Energy Africa Ltd for each one Renaissance share held.
FINRA deleted symbol:
https://otce.finra.org/otce/dailyList?viewType=Deletions
News out for RECO.V and great
ReconAfrica Responds to Short Seller's Biased and False Short Report
V.RECO | 34 minutes ago
VANCOUVER, BC, June 28, 2021 /CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) provides the real facts in response to falsehoods and distortions from a recent short seller's report.
Reconnaissance Energy Africa Ltd. (CNW Group/Reconnaissance Energy Africa Ltd.)
Short Seller's False Claims about ReconAfrica
The short seller report published on June 24, 2021 which falsely claims that no petroleum exists in the Kavango Basin completely ignores prominent geoscientists with decades of international experience, who have all verified that ReconAfrica's data clearly confirms a working petroleum system. The short seller has no geological expertise itself, has not seen any data whatsoever, and its financial bias is clear: it admits that it has shorted the stock of ReconAfrica.
ReconAfrica's Exploration Strategy is Logical, in Line With Best Industry Practices and Specifically Tailored to the Geology of Northeast Namibia and Northwest Botswana
1- ReconAfrica was the first to recognize the deep Kavango Basin as a distinct geological feature. ReconAfrica purchased aeromagnetic survey data which the Government of Namibia had commissioned, and had this data processed by Earthfield Technology, based in Houston Texas, one of the world's leading specialists in quantitative analysis of magnetic and gravity data. Earthfield's analysis yielded detailed, three-dimensional images of the basement surface of the Kavango Basin, and further defined it as geophysically separate from the Owambo Basin to the west. A new view of the regional geology resulted in the Kavango rift play that ReconAfrica is pursuing.
2- ReconAfrica worked to first establish the existence of a working petroleum system. In basins which have existing wells and production, a logical next step is to acquire seismic data to identify potential reservoirs. However, there are no wells in the Kavango Basin; the nearest well is the ST-1 well drilled in the 1960s in the Owambo Basin, 375 km west of the Company's 6-2 well. Seismic data is useful to define possible reservoirs, but it cannot establish whether hydrocarbons are present, or whether there is a working petroleum system comprising source rock, maturation, migration, reservoir rock, and cap/seal. In these circumstances, the logical approach is to drill stratigraphic test wells to establish whether oil and gas has been generated in the basin, and to understand the sedimentology. Once the presence of a working petroleum system has been proven, seismic can then identify structure and potential reservoirs, leveraging the sedimentology data from the stratigraphic tests. Stratigraphic tests have been used for generations in many locations around the world to do just this.
This logical strategy for initial exploration work in the Kavango Basin is provided for in the Petroleum Agreement governing the Kavango Basin blocks and confirmed by Namibia's Ministry of Mines and Energy and ReconAfrica's industry partner NAMCOR, the Namibian state oil company.
3- Results from the of Initial Stratigraphic Test Wells confirms a working petroleum system. With the approval of the Ministry of Mines and Energy, ReconAfrica and NAMCOR have recently drilled the 6-2 stratigraphic test well, and are currently drilling ahead on the 6-1 stratigraphic test well following a short maintenance break. This second well is anticipated to reach its total planned depth of 3800 m (12500 feet) in the first week of July.
As reported on April 15, 2021, the mud/well sample log, conducted by Horizon Well Logging Inc., of the 6-2 well provides over 200 meters (over 660 feet) of light oil and natural gas indicators/shows over three discrete intervals in a stacked sequence of reservoir and source rock. Extraction of oil from these samples and subsequent fingerprinting for key characteristics of the liquids, supports an active petroleum system with multiple source intervals.
As reported on June 3 and 24, 2021, the 6-1 well has so far encountered 343 meters (1,125 feet) of oil and gas indicators/shows, further confirming an active petroleum system in the Kavango Basin.
The following statement was provided today by NAMCOR, ReconAfrica's joint venture partner in the Kavango Basin in Namibia:
"NAMCOR as a Joint Venture partner with ReconAfrica in PEL 73, hereby support the on-going drilling activities which was initially approved through Technical Advisory meeting between the parties to the Petroleum Agreement.
"NAMCOR has confidence in the geological results released by ReconAfrica during the on-going drilling campaign which has proved the presence of a Petroleum system in the Kavango Basin.
"We understand the hydrocarbon potential of the Kavango Basin; hence our collaboration with ReconAfrica, an international company with the technical and financial capabilities to unlock the discovery of commercially viable hydrocarbon reserves."
Dr Ansgar Wanke, PhD (Geology), former Head of Geology Department, University of Namibia:
"I have been supervising and managing the well site geology of both stratigraphic test wells, namely ST 6-2 and ST 6-1. There, I have been closely working with the mudloggers and observed cuttings and core material, as well as well-site gas readings and liquid hydrocarbon indicators, such as fluorescence cuts. In fact, at both wells I could see and smell petroleum directly. I am thrilled to have witnessed clear indicators of a working petroleum system in the Kavango Basin."
Dr James Granath, PhD (Structural Geology), Director of ReconAfrica:
"In the Middle East, the immense productivity in Saudi Arabia, Iraq and Iran, especially the Zagros belt, are based on multiple stacked source rocks and various kinds of reservoirs including carbonates, which are involved in many types of traps. This is not to say that Kavango is the same as the Middle East, but some structures there–the Zagros in particular—are similar to what we suspect we have drilled into in the Kavango Sedimentary Basin. The 6-2 and 6-1 wells are stratigraphic tests, science wells if you like, but the data from the wells including hydrocarbon shows have hinted at something very interesting, and they emphatically scream the imperative to follow through on a comprehensive exploration program. These wells suggest there is commercial potential in the basin. It took 30 wells in offshore Norway to get to this point, we've been lucky enough to do it in the first two."
4- ReconAfrica and NAMCOR are now pursuing commercial potential of the Kavango Basin. The next logical step in an exploration program is to acquire seismic data to expand the understanding of the Kavango Basin and assess its commercial potential. With the approval of the Ministry of Mines and Energy, ReconAfrica and NAMCOR will conduct an initial 450 km low-impact 2D seismic acquisition program in the Kavango Basin. Following a formal tender process, ReconAfrica hired Polaris Seismic International, Canada's leading international seismic contractor for a program costing less than US $10,000 per km. Subject to permitting, seismic operations are scheduled to commence in mid-July. Part of this program will connect the 6-1 and 6-2 stratigraphic test wells (which are 16 km apart) and when combined with a vertical seismic profile planned for those wells, will provide a clearer picture of the commercial potential of the central portion of the Kavango Basin.
ReconAfrica and its joint venture partner NAMCOR will be seeking Ministry approval for the drilling of additional wells in the Namibian portion of the Kavango Basin and the acquisition of additional seismic. These joint activities will be undertaken following Ministry approval and permitting/licensing, beginning in the second half of 2021. ReconAfrica presently has CDN $63,000,000 in cash reserves which are available to support its continued exploration work in Namibia and Botswana. The Company anticipates this will be sufficient to conduct an initial evaluation of all five sub-basins in the Kavango Sedimentary Basin.
The Petroleum Agreement
The Petroleum Agreement for the Namibian portion of the Kavango Basin contemplates relinquishment of 75% of the licensed area, but excluded from this relinquishment are any areas which are subject to an application for the declaration of a petroleum field, which comprises the block with a discovery of commercial interest. ReconAfrica and NAMCOR are currently in the First Renewal Period of PEL 73, and this period can be extended by application and Ministry approval to the end of January 2023. A Second Renewal Period will follow which adds two additional years for exploration operations, and can also be extended by application for another year. Accordingly, it is reasonable to anticipate that upon application and approval, exploration in the Namibian portion of the Kavango Basin can continue until the end of January 2026. Consequently, ReconAfrica is confident that there is sufficient time to fully evaluate the entire Kavango Basin in Namibia and make production licence applications for declaration of any petroleum fields which are established as the program develops.
ReconAfrica's exploration licence for the Botswana portion of the Kavango Basin has three years remaining in the current exploration period, and renewals can extend the exploration period until 2034. No relinquishment obligation is defined for the Botswana exploration licence.
Petroleum fields discovered in Namibia and Botswana will be entitled to a petroleum production licence for a 25 year term, renewable for up to an additional 10 years in Namibia and 20 years in Botswana.
The Facts vs Short Seller's Distortions
The portion of the short seller's report that addresses the topics described above is riddled with inaccuracies. It displays an ignorance of the geology of Southern Africa in general and Namibia in particular. The results of the 6-2 and 6-1 stratigraphic test wells are misrepresented by the short seller, suggesting there is 'no oil', when in fact results from both wells were much more successful than anticipated, and firmly prove the presence of a working petroleum system. It overstates seismic acquisition costs by over 500%. It has misrepresented the relinquishment provisions of the Petroleum Agreement. Incredibly, it suggests that ReconAfrica is nearly bankrupt, when in fact ReconAfrica has over CDN $63,000,000 of cash reserves, access to additional funds through capital markets and joint venture optionality to pursue its operations.
The short seller either lacks the knowledge and experience to assess these matters, or is intentionally distorting the publicly disclosed facts, or both.
Other Short Seller Fabrications and Distortions
The short seller report is littered with falsehoods on a variety of other topics. For the most part these are repetitions from earlier publications that ReconAfrica has previously addressed and debunked.
We reemphasize what has been stated previously: ReconAfrica directors and officers have consistently been net buyers of ReconAfrica stock. In the past 12 months, according to SEDI.ca, current officers and directors of ReconAfrica have purchased 985,289 shares for a cost of CDN $793,428 and have only sold 112,206 shares for gross proceeds of CDN $744,661, retaining 4,383,289 shares with a current market value of over CDN $48 million. Companies operating any sort of "pump and dump" scheme would surely have sold significantly more shares than the officers and directors of ReconAfrica where the Company's stock has risen 1326% in the past 12 months. Clearly, directors and officers of ReconAfrica are committed to the long term viability and success of the Company.
Despite the actions of short sellers and their enablers, ReconAfrica and our joint venture partner NAMCOR, will proceed with our plans to explore for this potentially major energy source for Namibia and Botswana in the Kavango area, in an environmentally and socially respectful manner and for the benefit of all.
About ReconAf
Well, you know what I mean
RNSFF closed at 28 cents Friday
so we get NOTHING for our million acres and the Mexico play !!
We should get a least a 100 % premium
Oh.. Missed that.
Thanks
That 35 cents is Canadian money
28 X .796 = 28 USA
We get SHIT
Should have given ROE holders at least a 10 % premium
ReconAfrica Enters Into Letter of Intent to Acquire Renaissance Oil
V.RECO, V.ROE | 3 hours ago
Canada NewsWire
VANCOUVER, BC , April 19, 2021 /CNW/ - Reconnaissance Energy Africa Ltd. ("ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) ( Frankfurt : 0XD) and Renaissance Oil Corp. ("Renaissance") (TSXV: ROE) (OTCQB: RNSFF) are pleased to announce that they have entered into a letter of intent (the "LOI") setting forth the material terms and conditions upon which ReconAfrica will acquire all of the issued and outstanding common shares (the "Renaissance Shares") and convertible securities of Renaissance (the "Transaction"). The Transaction is expected to be implemented by way of a statutory plan of arrangement under the Business Corporations Act ( British Columbia ).
Recon Africa Logo (CNW Group/Reconnaissance Energy Africa Ltd.)
Pursuant to the LOI, ReconAfrica will issue to each holder of a Renaissance Share 0.046 of a common share of ReconAfrica (each whole common share, a "ReconAfrica Share") (the "Consideration"). The value of the Consideration represents a 1.45% premium over the closing price of the Renaissance Shares on the TSX Venture Exchange (the "TSXV") on April 16, 2021 , the last day of trading prior to the announcement of the Transaction, and based on the closing price of the ReconAfrica Shares on the TSX.V of $7.62 on April 16, 2021 . The terms of the Transaction value Renaissance at $.35 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% of the fully-diluted issued and outstanding shares of ReconAfrica.
The boards of directors of each of ReconAfrica 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 , CEO of ReconAfrica. "Renaissance Oil's right to acquire 50% 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 8,500,000 acres, which covers the entire sedimentary basin, is in an accretive transaction for both ReconAfrica and Renaissance," stated Craig Steinke , CEO 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 ReconAfrica 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 (the "Definitive Agreement"), 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 ReconAfrica to vote in favour of the Transaction; and (iv) receipt of all required corporate approvals from the board of directors of ReconAfrica 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 TSXV and any required third-party consents.
None of the securities to be issued pursuant to the Arrangement Agreement have been or will be registered under the United State Securities Act of 1933, as amended ( the "U.S. Securities Act "), or any state securities laws, and any securities issued in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
ReconAfrica is a junior, 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 ReconAfrica holds petroleum licenses comprising approximately 8.5 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbances in line with international best standards and will implement environmental and social best practices in all of its project areas.
Renaissance is an onshore operator in Mexico with 100% working interest in approximately 1200 boe/day. The Company holds an option to acquire a 50% working interest, in all rights from surface to basement, in a large Petroleum Licence, comprising 2.2 million acres in the Kavango sedimentary basin, in Botswana , Africa . The licence operator is ReconAfrica.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
ROE/V / RNSFF just got SCREWED BIG TIME
RECO just took ROE out at about .28 cents a share !!
ROE/RNSFF holders get .046 shares of RECO
JMHO
B U Y O U T
All 1 big happy family
RECAF + RNSFF ================>>> lotsa African oil
Hey so, are you having fun still ?
LOOK !
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Why, I almost BOUGHT that (them) yesterday.....Dang........and I could'a USED that too !
P' me off but hey - Congrats !
LOVE those 80% up days !......... Make that 85
Renaissance / Reconnaissance / So easy to get those confused (I did)
v.ROE / v.RECO
Or, RNSSF / RECAF.......Man !....I HATE your symbols !
CEO site down today https://ceo.ca/weed Can't see what pple are saying.
Would you believe I got impatient after holding for months and sold half last week (but still got a lot) LOL
Weeeeeeeeeee!
RECO well in Africa
has about 600 feet of pay in 3 zones
JMHO
RNSFF ticked up 100% on 4 times the average daily volume in the first 15 minutes of trading. I can't find any news, but something must be about to hit the wires or lots of traders are confused.
Dam wrong board
ZDEXF is where it was to be posted
Dam wrong board Exxon will carry out the second fracking pilot in Colombia
The Minister of Mines and Energy, Diego Mesa, said that once they obtain the environmental licenses, the drilling of the wells will begin.
ECONOMY
09:35 AM
THE LATEST IN
The Minister of Mines and Energy, Diego Mesa Puyo, announced that the ExxonMobil company would have the operation of the second fracking pilot in Colombia , which is called Platero and is in the middle Magdalena valley.
The first pilot awarded is in charge of Ecopetrol, it is the Kal located in Puerto Wilches, Santander, and is currently advancing in the socialization process with territorial dialogues and processing of the environmental license.
"On Monday, March 15, the reception of offers from other companies was closed and a new pilot project is being studied that will probably be awarded to the Exxon company," said Minister Mesa during a visit to EL HERALDO .
"We would be left with two comprehensive research pilot projects and in each project there can be up to four drilled wells," he said.
Has production down in Mexico
Has option for a JV with RECO.V in Africa
!!! BTFD !!! BTFD !!!
buy the freakin' dip !!!
Just wait a few weeks
could be in the dollars
thursday, 24 december... UP 49% !!!
***************
holiday weekend
***************
monday, 28 december... UP 43% !!!
THAT'S A BULL-GOOSE BREAKOUT !!!
I nibbled a couple@.142. RECAF doing great today also
Picked up 7K more today
a great buy and hold for drilling results
Darn I was to buy some more
I already have a load
I also picked up a little more. Must be going up for a reason.
we may not be too early any more!
picked up a few thousand more to top off the tank for the rocket ride.
merry christmas!!!
People we may be a bit early
look what RECAF / RECO.V is doing , they hit on there big lease and this will be in the dollars real quick
JMHO
Here's a report from renaissance's partner in Botswana reconafrica by Haywood: https://reconafrica.com/wp-content/uploads/ReconAfrica-Haywood-Report-November-2020.pdf
Jay Park interview mentions botswana....https://www.gbreports.com/interview/jay-park
Massive volume today in Canada
RNSFF / ROE.V
3,205,000 traded in first two hours of trading
RNSFF has been in a steady climb upward with the news !
When we bought in the Africa play that RECAF has it could lead to great things . The drilling rig is supposed to be delivered in September and drilling soon after
Well, not too much going on right now, I picked up a little bit. Good time to buy when its quiet. Picked up some for africa, but no word of anything going on in Mexico? I have to be careful with these little oil companies because I got burned with ERHC...
Boy there's really no interest in Renaissance at this times, seems all the attention and volume is with reconAfrica. Kinda figured Renaissance has the biggest bang for your buck. Looks like I am wrong again. Any thoughts out there?
Torridon investments research report:https://reconafrica.com/investors/analyst-reports/ " The next white elephant in Africa " read analysis on conventional resources in Botswana. Good Day
Interview with ceo Craig Steinke talking about reconAfrica: https://www.resourcestockdigest.com/archives/interviews/reconafricas-tsx-v-reco-craig-steinke-on-the-world-renown-reconafrica-technical-team-the-unprecedented-opportunity-at-the-kavango-basin-in-namibia/
The company that they are partnering with bought a rig per the stockhouse message board
So what's roe's next step? When can we expect some kinda exploration plan to drill? Thx
another great day for ROE in Canada
https://www.stockwatch.com/Quote/Detail?C:ROE
about 1,750,000 shares traded today
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