Canadian expertise in tapping energy sources the world over was in evidence again Tuesday, with word of prospective new finds in Africa.
Vancouver-based Reconnaissance Energy Africa Ltd. (TSX-Venture: RECO) saw its shares bounce in price on word it’s completed a comprehensive subsurface evaluation delineating large scale, prospective conventional hydrocarbon bearing structures, throughout the entire Kavango Basin in Namibia and northwestern Botswana.
The primary objective of ReconAfrica's initial three well drilling program, scheduled for Q4 of 2020, is to confirm a thick, active, petroleum system throughout the deep Kavango basin. Specifically, the wells are designed to test organic rich shales and more shallow conventional structures throughout the sedimentary basin.
ReconAfrica is a junior oil and gas company engaged in the opening of the newly discovered deep Kavango, where the Company holds petroleum licenses comprising approximately 8.75 million contiguous acres.
RECO shares triumphed five cents, or 6.4%, to 83 cents, on 64,000 shares.
