{"id":4167,"date":"2021-10-27T13:21:35","date_gmt":"2021-10-27T13:21:35","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-blasts-namcor-over-reconafrica-partnership"},"modified":"2021-10-27T13:50:02","modified_gmt":"2021-10-27T13:50:02","slug":"tweya-blasts-namcor-over-reconafrica-partnership","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-blasts-namcor-over-reconafrica-partnership","title":{"rendered":"Tweya blasts Namcor over ReconAfrica partnership"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>PARLIAMENTARY standing committee on natural resources chairperson Tjekero Tweya was yesterday not impressed by the fact that ReconAfrica’s market value has increased by billions, while the National Petroleum Corporation of Namibia (Namcor) has not made a cent from its partnership with the Canadian company thus far.<\/b><\/p>\n

ReconAfrica owns 90% of its Namibian oil-exploration project, while Namcor owns 10%. \u201cWith your 10% they benefit, but with their 90% you don’t benefit until the production phase. What if by the last well ReconAfrica doesn’t find oil?\u201d Tweya asked after Namcor presented the committee with an informative document yesterday.<\/p>\n

Namcor said the oil and gas licence obtained by ReconAfrica has increased the Canadian company’s market value from N$141 million in 2015 to N$25 billion in 2021. The share price also increased from eight cents in 2015 to N$160 in 2021. However, no sign of commercial oil or gas has been detected so far.<\/p>\n

\u201cReconAfrica has 20 licences, however, based on our assumptions, we believe that the Namibian licence has a total value of 50% towards the company,\u201d Namcor board chairperson Jennifer Comalie said. Despite the significant increase, Comalie admitted that Namcor has not made any money from the project.<\/p>\n

\u201cWe have not received any dividends. We did not receive any cash from ReconAfrica. Yes, ReconAfrica’s shareholders are benefiting from the activities currently being undertaken under the licence,\u201d she said.<\/p>\n

Internal Namcor information shows that ReconAfrica’s share price increased to N$81 in April 2021 after the company drilled the first of three wells in the Kavango East and West regions, increasing the company’s worth to N$13 billion.<\/p>\n

The company’s market value increased to N$24 billion in May after the share price went up to N$151 due to the drilling of a second well commencing. The share price, however, decreased to N$138,8 in June, with the first section of the second well and market value decreased to N$22 billion.<\/p>\n

Namcor and ReconAfrica signed a joint ownership agreement on 14 June. The share price increased to N$172 on 30 June, increasing the company’s value to N$27 billion.<\/p>\n

ReconAfrica’s market value decreased to N$25,4 billion, and the share price to N$158,7 on 14 July, after Namcor and ReconAfrica completed the drilling operation on the second well. Three days later the share price increased to N$160, and the value of the company increased to N$25,8 billion.<\/p>\n

\u201cAs soon as there is information released from the wells, or any data, then there is a jump in the share price, but tomorrow, if they [ReconAfrica] drill their last well and nothing comes up as commercial oil, the share price could potentially fall back to N$5 dollars or whatever,\u201d Comalie said.<\/p>\n

She said it is the market perception value of the company and not a fixed price. \u201cWe still hold our shares, and the only way we can monetise it is if we sell our shares at this point in time,\u201d she said.<\/p>\n

Namcor is speculating that in future it would benefit with at least N$1,2 billion as a result of exploration and production activities by ReconAfrica.<\/p>\n

\u201cWhy are you even speculating when ReconAfrica is busy benefiting from their 90% while you wait for 10%? Please simplify it. From six cents to N$11 there is no oil, but the value has gone up. The time of just presenting accounting figures to politicians and hoping they accept without proper explanation is over,\u201d Tweya said.<\/p>\n

Committee member Mike Kavekotora said based on what ReconAfrica was worth in 2015, the real value of ReconAfrica on the stock exchange, 90% or more, is created with the Namibian licence.<\/p>\n

\u201cThe other licences are almost irrelevant because the share price was just worth six pennies. You claim to say that your 10% has no value, but the real value of ReconAfrica at this point in time is a result of the activities being done with the Namibian licence,\u201d he said.<\/p>\n

The Namibian reported in May this year that ReconAfrica may have misled investors by misrepresenting its work on the project, according to several experts and allegations in a whistleblower complaint filed with the United States (US) Securities and Exchange Commission.<\/p>\n

US-based financial research group Viceroy Research LLC has monitored ReconAfrica’s books since last year and its director, Gabriel Bernarde, has written five reports on the company between June and September this year.<\/p>\n

\u201cWe believe ReconAfrica is a stock promotion company masquerading as a junior explorer. We’ve consulted various O&G experts and determined that there is no conventional, let alone commercial, oil to be found in the Okavango River Basin,\u201d Bernarde commented.<\/p>\n

ReconAfrica spokesperson Ndapewoshali Shapwanale yesterday told The Namibian their company does not have 20 licences. \u201cAlthough we are only at the exploration stage, financial benefits for the country include 5% royalties on the well head, production licence fees, licence acreage fees, surface area rentals, Petrofund contributions, and training,\u201d she said.<\/p>\n

Shapwanale said the price of the company’s stock is determined by the buyers and sellers in the market. and over the long term reflects the ultimate value of the company’s assets. She said the company has also committed N$115 million towards its corporate social responsibilities.<\/p>\n

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

Africa-Press – Namibia. PARLIAMENTARY standing committee on natural resources chairperson Tjekero Tweya was yesterday not impressed by the fact that ReconAfrica’s market value has increased by billions, while the National Petroleum Corporation of Namibia (Namcor) has not made a cent from its partnership with the Canadian company thus far. ReconAfrica owns 90% of its Namibian […]<\/p>\n","protected":false},"author":84,"featured_media":4166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[234,236,1915,233,1981],"class_list":["post-4167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namcor","tag-namibia","tag-reconafrica-partnership"],"yoast_head":"\nTweya blasts Namcor over ReconAfrica partnership - Namibia<\/title>\n<meta name=\"description\" content=\"PARLIAMENTARY standing committee on natural resources chairperson Tjekero Tweya was yesterday not impressed by the fa ...\" \/>\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\/namibia\/all-news\/tweya-blasts-namcor-over-reconafrica-partnership\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tweya blasts Namcor over ReconAfrica partnership\" \/>\n<meta property=\"og:description\" content=\"PARLIAMENTARY standing committee on natural resources chairperson Tjekero Tweya was yesterday not impressed by the fa ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-blasts-namcor-over-reconafrica-partnership\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-27T13:21:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-27T13:50:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2021\/10\/img-617958f333ba6.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"506\" \/>\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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-blasts-namcor-over-reconafrica-partnership#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-blasts-namcor-over-reconafrica-partnership\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tweya blasts Namcor over ReconAfrica partnership\",\"datePublished\":\"2021-10-27T13:21:35+00:00\",\"dateModified\":\"2021-10-27T13:50:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-blasts-namcor-over-reconafrica-partnership\"},\"wordCount\":862,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-blasts-namcor-over-reconafrica-partnership#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2021\/10\/img-617958f333ba6.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"Namcor\",\"namibia\",\"ReconAfrica partnership\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-blasts-namcor-over-reconafrica-partnership#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-blasts-namcor-over-reconafrica-partnership\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-blasts-namcor-over-reconafrica-partnership\",\"name\":\"Tweya blasts Namcor over ReconAfrica partnership - 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