{"id":28523,"date":"2023-06-09T15:35:27","date_gmt":"2023-06-09T15:35:27","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/?p=28523"},"modified":"2023-06-09T15:35:27","modified_gmt":"2023-06-09T15:35:27","slug":"canadian-driller-using-okavango-exploration-to-boost-share-price-namibian-mps","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/canadian-driller-using-okavango-exploration-to-boost-share-price-namibian-mps","title":{"rendered":"Canadian driller using Okavango exploration to boost share price \u2013 Namibian MPs"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Once before, some have expressed fear that a Canadian drilling company called Reconnaissance Energy Africa (ReconAfrica) that is officially exploring for oil and gas in the Okavango Basin is actually in search of something else \u2013 a higher share price on the Toronto Stock Exchange and Frankfurt Stock Exchange. A standing committee of the Namibian parliament says that at least so far, Recon Africa is using its exploration activity to pump the value of its share price on the stock market.<\/b><\/p>\n

ReconAfrica areas of interest are in Namibia and Botswana and resultantly, has formed two subsidiaries: Recon Namibia (REN) and Recon Botswana. Through Namibia Petroleum Corporation (NAMCOR), the state-owned oil company, the Namibian government has a 10 percent shareholding in REN and \u201cabout\u201d 98 percent shareholding in over 40 licences issued by the Ministry of Mines and Energy.<\/p>\n

Following international outcry over mineral exploration in an area connected to a highly sensitive ecosystem (which includes the Okavango Delta), the Namibian parliament tasked the Standing Committee on Natural Resources to investigate this matter. One part of the Committee\u2019s report all but confirms the theory that ReconAfrica merely wants to bolster its performance on the stock market.<\/p>\n

\u201cThe Committee was concerned that REN, based on the rise of its shares at the stock exchange, is raising money using Namibian resources while NAMCOR\u2019s 10 percent is not worth anything,\u201d reads the report in reference to a practice that is known as \u201cstock-pumping.\u201d<\/p>\n

The resources in question (oil and gas deposits) straddle the border and by extension, ReconAfrica would also be using Botswana\u2019s resources to boost its share price. The company has been continually issuing positive press statements and some investors bought its shares on the basis of such positive statements. The alleged stock-pumping is also mentioned in a damaging report by Viceroy Research LLC, a United States-based investigative financial research group registered in Delaware.<\/p>\n

After Viceroy published its findings, some investors filed a class-action lawsuit against ReconAfrica through Pomerantz LLP, an international law firm with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv. Based on Viceroy\u2019s research, Pomerantz makes the case that \u201c[ReconAfrica is] committed to drip-feeding overly positive press releases in the hope of boosting their share price.\u201d For its part, ReconAfrica has stated that it intends to \u201cvigorously defend\u201d the lawsuit.<\/p>\n

In August 2021, an investigation by the National Geographic, The Globe and Mail, and The Namibian found that ReconAfrica\u2019s share price rose 1,600 percent \u201cin the past 12 months due to a concerted campaign of paid stock promotion and opaque press releases aimed at unsophisticated investors.\u201d National Geographic reports that the company\u2019s announcement about a huge oil find in the Okavango Basin \u201ccorresponded with sharp increases in the company\u2019s stock price\u2014from 19 cents a share in September 2019 to a high of nearly $10 in late June 2021.\u201d<\/p>\n

Taking an aggressive stance, the investigation team reported that ReconAfrica \u201cchecks every box in the SEC\u2019s guidelines as to what constitutes an oil and gas scam, and in addition to these red flags we believe there is a near-zero chance of commercial success. The two wells drilled so far have been unsuccessful \u2013 we believe drilled solely to fulfil lease requirements.\u201d The Securities and Exchange Commission (SEC) is an independent US agency whose primary purpose is to enforce the law against market manipulation.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Once before, some have expressed fear that a Canadian drilling company called Reconnaissance Energy Africa (ReconAfrica) that is officially exploring for oil and gas in the Okavango Basin is actually in search of something else \u2013 a higher share price on the Toronto Stock Exchange and Frankfurt Stock Exchange. A standing committee […]<\/p>\n","protected":false},"author":84,"featured_media":28522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[233,237,234],"class_list":["post-28523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nCanadian driller using Okavango exploration to boost share price \u2013 Namibian MPs - Botswana<\/title>\n<meta name=\"description\" content=\"Once before, some have expressed fear that a Canadian drilling company called Reconnaissance Energy Africa (ReconAfri ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/canadian-driller-using-okavango-exploration-to-boost-share-price-namibian-mps\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian driller using Okavango exploration to boost share price \u2013 Namibian MPs\" \/>\n<meta property=\"og:description\" content=\"Once before, some have expressed fear that a Canadian drilling company called Reconnaissance Energy Africa (ReconAfri ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/canadian-driller-using-okavango-exploration-to-boost-share-price-namibian-mps\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-09T15:35:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/06\/sm_1686308536.693163.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1458\" \/>\n\t<meta property=\"og:image:height\" content=\"972\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/canadian-driller-using-okavango-exploration-to-boost-share-price-namibian-mps#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/canadian-driller-using-okavango-exploration-to-boost-share-price-namibian-mps\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Canadian driller using Okavango exploration to boost share price \u2013 Namibian MPs\",\"datePublished\":\"2023-06-09T15:35:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/canadian-driller-using-okavango-exploration-to-boost-share-price-namibian-mps\"},\"wordCount\":573,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/canadian-driller-using-okavango-exploration-to-boost-share-price-namibian-mps#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/06\/sm_1686308536.693163.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/canadian-driller-using-okavango-exploration-to-boost-share-price-namibian-mps#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/canadian-driller-using-okavango-exploration-to-boost-share-price-namibian-mps\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/canadian-driller-using-okavango-exploration-to-boost-share-price-namibian-mps\",\"name\":\"Canadian driller using Okavango exploration to boost share price \u2013 Namibian MPs - 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