VANCOUVER, BC, Aug. 17, 2021 /CNW/ - Reconnaissance Energy
Africa Ltd. (the "Company"
or "ReconAfrica") (TSX-V: RECO) (OTCQX: RECAF)
(Frankfurt: 0XD) has received and
reviewed a report issued yesterday by Viceroy Research, a
stock-market short-seller, about the Company's exploratory drilling
program in Namibia.
The report, like previous misinformation campaigns launched by
Viceroy, contains many intentionally false allegations and displays
an unfortunate lack of knowledge and understanding of geology and
oil-and-gas exploration. It also unfairly defames government and
company officials.
To correct the misinformation disseminated today by the
short-seller, ReconAfrica can summarize and reaffirm the intention
and recent results of the exploratory drilling program it began in
Namibia, as follows:
- ReconAfrica, in collaboration with the Government of the
Republic of Namibia, set out this
year with a stratigraphic drilling program to prove there is an
active conventional petroleum system in the Kavango Sedimentary
Basin. The released data and analysis from the first well confirm
this. In conventional oil and gas systems, petroleum migrates along
faults, fractures, or porous rock from a source to a reservoir. We
are confident that this data confirms we have a conventional
petroleum system. No fracing is planned or permitted by the
Government of Namibia. Find a
summary from our first stratigraphic well HERE.
- Based on the promising results of the first two stratigraphic
test wells, ReconAfrica has initiated a government-approved,
low-impact, 2D seismic program (Seismic Fact Sheet) designed to
delineate potential hydrocarbon-bearing reservoirs to aid in the
assessment of establishing commerciality in the Kavango Sedimentary
Basin.
- As it has stated in the past, ReconAfrica has selected and
employed two reputable industry service providers to acquire and
analyze its well data. The short-seller report is factually
incorrect about our service providers and obviously did not conduct
any research to support its false allegations.
ReconAfrica is committed to working in close collaboration with
the government of Namibia to fully
explore and understand the potential of the Kavango Sedimentary
Basin and explore for commercial petroleum reservoirs. It also
communicates frequently with regulators, investors and credible
research organizations to share its findings and ensure full
transparency throughout this exploratory phase.
About ReconAfrica
ReconAfrica is a Canadian oil and gas company engaged in the
opening of the newly discovered deep Kavango Sedimentary Basin, in
the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum
licenses comprising approximately 8.5 million contiguous acres. In
all aspects of its operations, ReconAfrica is committed to minimal
disturbances in line with international best standards and will
implement environmental and social best practices in all of its
project areas.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking
Statements: Certain statements contained in this
press release constitute forward-looking information under
applicable Canadian, United States
and other applicable securities laws, rules and regulations,
including, without limitation, statements with respect to the
Company confirming that there is a working conventional petroleum
system in the Kavango Sedimentary Basin, the Company's exploratory
drilling program in Namibia,
including the interpretation and analysis of data, results and
samples therefrom, the Company not planning to undertake fracing
activities in the Kavango Basin, the 2D seismic program delineating
potential hydrocarbon-bearing reservoirs in, and commerciality of,
the Kavango Basin, the potential of the Kavango Basin to contain
commercial petroleum deposits and the Company's commitment to
minimal disturbances in line with international best standards and
implementation of environment and social best practices. These
statements relate to future events or future performance. The use
of any of the words "could", "intend", "expect", "believe", "will",
"projected", "estimated" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on ReconAfrica's
current belief or assumptions as to the outcome and timing of such
future events. There can be no assurance that such statements will
prove to be accurate, as the Company's actual results and future
events could differ materially from those anticipated in these
forward-looking statements as a result of the factors discussed in
the "Risk Factors" section in the Company's amended and restated
annual information form dated May 19,
2021 available under the Company's profile
at www.sedar.com. Actual future results may differ materially.
Various assumptions or factors are typically applied in drawing
conclusions or making the forecasts or projections set out in
forward-looking information. Those assumptions and factors are
based on information currently available to ReconAfrica. The
forward-looking information contained in this release is made as of
the date hereof and ReconAfrica undertakes no obligation to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
SOURCE Reconnaissance Energy Africa Ltd.