Home Financial Markets Penny Stocks What Drove The RECAF Stock Up 38% During Last Trading?

What Drove The RECAF Stock Up 38% During Last Trading?

The shares of Reconnaissance Energy Africa Ltd. (OTCQX: RECAF) closed up 38.34 percent on Monday at $6.10, and have been trading between $4.55 and $6.33. Reconnaissance shares surged over 106.36% over the month; an average volume of 1.11M was recorded for the period. Following the release of initial data from its three-well drilling program, RECAF stock soared.

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What was the finding?

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In the Kalahari Desert between northeastern Namibia and northern Botswana, ReconAfrica is exploring for oil in the newly discovered deep Kavango deposit. The Company holds petroleum licenses covering approximately 8.5 million contiguous acres. ReconAfrica will follow international best practices in all areas of its operation to minimize disturbances and implement environmental and social best practices.

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Reconnaissance Energy and the Ministry of Mines and Energy released data from well 6-2 last Thursday, which is the first of three wells drilling programs.

These data provided further proof of a functioning conventional petroleum system in the Kavango Basin.

  • Premier service companies working with MME and ReconAfrica on the further detailed analysis of all data.
  • Research by Core Laboratories of Houston, Texas evaluates potential reservoir rocks and shale deposits.
  • Houston, Texas-based Geomark Research analyzes source rocks and extracted liquids for mineralogy, including “footprinting” key rock and liquid characteristics, and
  • In Dallas, Texas, Netherland Sewell & Associates Inc. conducted geological and petrophysical analyses of rock properties and associated liquids.

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How do the indicators look?

Oil and natural gas data collected by ReconAfrica (RECAF) shows occur over a distance of 200 meters in the 6-2 well sample log along stacked intervals of reservoir rock and source rock. An active petroleum system with multiple source intervals can be traced using extraction of oil from these samples and subsequent fingerprinting by RECAF for key characteristics of the liquids.

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