Growing by 5.96% from the last trading session, Reconnaissance Energy Africa (RECAF) stock is trading at $9.78 today. The stock has gained as much as 22% in the last week, bringing its year-to-date gains to 475%. It may be tough to comprehend, yet it is simple to see why this has occurred.
The business recently announced the signing of a Joint Operating Agreement (JOA) to explore the Kavango Sedimentary Basin’s resource potential in northeast Namibia. The two firms will collaborate on a current petroleum exploration program in Namibia’s Kavango East and Kavango West areas, with ReconAfrica covering all expenditures to commerciality
This agreement will regulate NAMCOR’s and ReconAfrica’s relationship, and they shall work together to promote the hunt for oil in the Kavango Sedimentary Basin in line with Namibian laws. They understand the Kavango Basin’s hydrocarbon potential, therefore partnering with an international firm like ReconAfrica, which has both technical and financial skills, would enable the finding of economically viable hydrocarbon reserves and so boost the country’s economic growth.
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