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ReconAfrica – Another swing, another miss

September 7, 2021 – On September 2, 2021, ReconAfrica released a press statement and presentation of data on their first 6-2 well by Netherland, Sewell & Associates, Inc. The presentation is a clear attempt to put a positive spin on disappointing drill results but fails to do so under further scrutiny.

Viceroy’s analysis of the presentation confirms our dim view of RECO’s chances of commerciality in a conventional oil play. The 6-2 well is effectively a failure with the porous 950 zone completely saturated with water and the 1350 zone too tight for a conventional commercial play or even reliable readings of water saturation.

Nonetheless, RECO’s team of hype-men leapt into action all but promising that these results meant a commercial find. In this report we analyze the substance of the Netherland Sewell presentation and lay out our analysis in layman’s terms.