Reconnaissance Energy Africa Ltd. (TSE:RECO) has released an update.
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Reconnaissance Energy Africa Ltd. has announced a tentative global settlement for class action lawsuits in the U.S. and Canada, which, if approved by courts, will resolve existing securities litigation without any direct financial impact to the company as it is within insured limits. The settlement awaits preliminary and final court approvals after notifying potential class members, with neither admission of liability by the company nor its officers. ReconAfrica, an oil and gas company, is focused on developing the Kavango Sedimentary Basin with a commitment to environmental and social standards.
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