August 16, 2021 – On August 5, 2021, ReconAfrica released a press release containing further results on their 6-2 and 6-1 wells. Far from a success, results have failed to live up to RECO’s exaggerated claims of a world-class reservoir and instead showed an area of limited to negligible production potential. Not only that but information from the 6-2 well appears to actively disprove RECO’s Kavango basin model.
The release was followed by a highly promotional press conference wherein Namibian President Hage Geingob effectively promoted the company, sidelining criticism of RECO from both Namibians and overseas.
We expect the company to pivot promoting these inferior dolomitized deposits as “self-sourcing” after failing to find any Permian aged source rocks, the primary target of RECO’s initial stratigraphic test wells.
RECO previously claimed that their well logging would be conducted by respected industry giant Schlumberger (NYSE:SLB) but was in fact done by Horizon Well Logging, an unknown minor player based in the US
Viceroy Research have reiterate our belief that RECO is at its core a pump-and-dump scheme to dupe investors, and a very predictable one at that.