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VANCOUVER, BC, June 3, 2021 /CNW/ - Reconnaissance Energy Africa Ltd. (the Company or ReconAfrica ) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) announces the Company has set intermediate casing and is pleased to report geologic results in the first section of this second well (6-1), which again confirms a working petroleum system in the Kavango Sedimentary Basin. As well, the Company is strengthening its Environment, Social & Governance ( ESG ) standard and committing a minimum of Canadian $10mm (Namibian $112mm) of ESG expenditures to the Kavango region in which it operates.
Drilling Operations
In keeping with its commitment to the Namibian government, on May 5, 2021 the Company commenced drilling operations of its second well (6-1), of an initial three well program to continue the evaluation of working conventional hydrocarbon systems confirmed in the first well (6-2) in the Kavango Sedimentary Basin.
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Breakout Coming? Reconnaissance Energy (Africa) Ltd (OTCMKTS:RECAF) Jumps Big
Reconnaissance Energy (Africa) Ltd (OTCMKTS:RECAF) stock gapped up sharply on Wednesday on high volume.
Market Action
As of 10:40, RECAF stock soared by 22% at $8.17. The stock has traded 1.17 million shares, compared to its average volume of 1.15 million shares. The stock opened at $9.24 and moved in a range of $7.80 – 9.25.
First Section of the Second Well (6-1) Provides Further Confirmation of a Working Petroleum System and First Report of Progress On ESG
announces the Company has set intermediate casing and is pleased to report geologic results in the first section of this second well (6-1), which again confirms a working petroleum system in the Kavango Sedimentary Basin. As well, the Company is strengthening its Environment, Social & Governance (“ESG”) standard and committing a minimum of Canadian $10mm (Namibian $112mm) of ESG expenditures to the Kavango region in which it op