June 24, 2021 – Viceroy Research is short Reconnaissance Energy Africa Ltd (TSXV:RECO), a junior oil miner specializing in stock promotion and insider enrichment.
RECO’s mining assets are not highly speculative: they are borderline imaginary. Despite a CAD >1bn market cap, RECO has a near-zero chance of finding any asset of value in their exploration site, and an even lower chance to capitalize on any find.
RECO management (including shadow directors we identify) have a long and checkered history of bribery and corporate and environmental scandals. More recently, RECO have formally engaged a Namibian businessman who has been implicated in dozens of bribery investigations.
The rise in RECO’s share price has been accompanied by several shill pieces either commissioned by RECO or written by parties with a clear conflict of interest. These campaigns are clearly aimed at unsophisticated investors unfamiliar with oil and gas exploration.