Reconnaissance Energy Africa ( (TSE:RECO) ) has provided an update.
Reconnaissance Energy Africa Ltd. has announced the acceleration of drilling activities at Prospect I in the Damara Fold Belt, moving the spud date to Q2 2025. This decision follows significant progress in preparatory activities and is supported by promising results from previous drilling. Prospect I targets substantial oil and gas resources, with the potential to significantly impact the company’s exploration success. Additionally, ReconAfrica has resolved legal actions in both the U.S. and Canada, with settlements approved within insured coverage limits, allowing the company to focus on its exploration endeavors.
More about Reconnaissance Energy Africa
Reconnaissance Energy Africa Ltd. is a Canadian oil and gas company focused on exploring the Damara Fold Belt and Kavango Rift Basin in northeastern Namibia and northwestern Botswana. The company holds petroleum licenses for approximately 8 million contiguous acres and is committed to minimal environmental disturbance and implementing best practices in its operations.
YTD Price Performance: -32.04%
Average Trading Volume: 339,754
Technical Sentiment Consensus Rating: Buy
Current Market Cap: C$163.5M
For detailed information about RECO stock, go to TipRanks’ Stock Analysis page.