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Investigation announced for Investors in shares of Reconnaissance Energy Africa Ltd. (OTC: RECAF)

10-26-2021 07:00 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation for investors in Reconnaissance Energy Africa Ltd. (OTC: RECAF) shares.

An investigation for investors in Reconnaissance Energy Africa Ltd. (OTC: RECAF) shares.

An investigation was announced over potential securities laws violations by Reconnaissance Energy Africa Ltd. in connection with certain financial statements was announced.

Investors who purchased shares of Reconnaissance Energy Africa Ltd. (OTC: RECAF), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Reconnaissance Energy Africa Ltd. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Canadian based Reconnaissance Energy Africa Ltd., a junior oil and gas company, engages in the identification, exploration, and development of oil and/or gas assets in Namibia and Botswana.

On May 11, 2021, National Geographic published an article entitled "Oil company exploring in sensitive elephant habitat accused of ignoring community concerns: Namibians allege ReconAfrica disposed of wastewater unsafely, without permits, and ignored concerns about potential impact of oil drilling on water and wildlife." The article reported, among other things, that Reconnaissance Energy Africa Ltd. "is disposing of wastewater without permits, according to a government minister."

On June 24, 2021, Viceroy Research published a report entitled "ReconAfrica - No Oil? Pump Stock: Drilling blind for oil in Namibia: ReconAfrica is a stock-promoted junior explorer drilling imaginary oil basins in a fragile ecosystem. A disaster waiting to happen." This Viceroy report stated, among other things, that "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[,]" and that "[t]he 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."

On September 7, 2021, Viceroy published another report entitled "ReconAfrica - Another swing, another miss: Despite significant polish, Netherland Sewell's presentation on ReconAfrica's 6-2 well is another set of disappointing results."

Shares of Reconnaissance Energy Africa Ltd. (OTC: RECAF) declined from $11.00 per share on June 23, 2021, to as low as $4.46 per share on October 25, 2021.

Those who purchased shares of Reconnaissance Energy Africa Ltd. (OTC: RECAF) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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