Reconnaissance Energy Africa ( (TSE:RECO) ) has shared an announcement.
Reconnaissance Energy Africa Ltd. has announced a joint exploration project in Angola with the National Oil, Gas and Biofuels Agency, adding 5.2 million acres to its portfolio. This strategic move complements its existing operations in Namibia, highlighting the potential of the Damara Fold Belt and Rift Basin plays. The agreement provides ReconAfrica with an 80% working interest in the MOU area and involves geological studies and a 2D seismic program over 24 months. This initiative underscores the company’s focus on early entry into prospective hydrocarbon basins, aiming to create significant value for shareholders and employment opportunities in the Okavango region.
Spark’s Take on TSE:RECO Stock
According to Spark, TipRanks’ AI Analyst, TSE:RECO is a Neutral.
Reconnaissance Energy Africa’s stock score is primarily hampered by severe financial instability and unfavorable valuation, despite positive corporate events providing potential future upside.
To see Spark’s full report on TSE:RECO stock, click here.
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, southeastern Angola, and northwestern Botswana. The company holds rights to petroleum licenses in these regions.
YTD Price Performance: -48.54%
Average Trading Volume: 308,222
Technical Sentiment Signal: Buy
Current Market Cap: C$140.2M
Learn more about RECO stock on TipRanks’ Stock Analysis page.