ReconAfrica's Wild Ride: Promises Of 'Billions Of Barrels' And The Fracking Controversy

Benzinga · Nov 4, 2024 20:30

ReconAfrica debuted on the OTC markets in February 2019 after a reverse takeover of Lund Enterprises Corporation.
ReconAfrica initially promoted plans to use fracking in Namibia, claiming potential for "billions of barrels" of oil. However, in September 2020, the Namibian government clarified that fracking wasn't authorised.
The company quickly shifted to conventional oil production and, on April 15, 2021, announced "clear evidence" of a working oil system from its first test well, doubling its stock price in just two days.
In August 2021, after Viceroy Research released several reports, ReconAfrica disclosed test well data that showed poor oil and gas prospects.
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ReconAfrica's Wild Ride: Promises Of 'Billions Of Barrels' And The Fracking Controversy

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