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ReconAfrica Reports First Quarter 2020 Results
ReconAfrica Reports First Quarter 2020 Results Canada NewsWire VANCOUVER, May 29...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n\n\n\nReconAfrica Reports First Quarter 2020 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 29, 2020\n\n\n\nVANCOUVER, May 29, 2020 /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSX-V: RECO) (OTC: RECAF) (Frankfurt: 0XD) reports its first quarter 2020 results. The unaudited condensed interim consolidated financial statements and management discussion and analysis for the three months ended March 31, 2020 will be available on the System for Electronic Document Analysis and Retrieval (\"SEDAR\") at www.sedar.com and on ReconAfrica's website at www.reconafrica.com. All dollar figures are in Canadian Dollars, unless otherwise noted.\n\n \n \n \n \n \n \n\n \nHIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2020\nReconAfrica completed a non-brokered private placement of 5,000,000 units of the Company at $0.68 per unit for aggregate gross proceeds of $3,400,000. The Company completed the acquisition of a Crown 750 drilling rig for US$1,800,000 and commenced retrofitting the rig for drilling in the Kalahari Desert. ReconAfrica significantly strengthened its team via the addition of several key members of management and board appointees.CEO'S MESSAGE\nFollowing a landmark 2019 year in which the company completed an RTO and became listed on the TSX Venture Exchange, ReconAfrica continued its strong momentum into early 2020. This included raising a further $3.4 million to finance the acquisition, upgrading and transport of a Crown 750 drilling rig. The Crown 750 drilling rig is being outfitted in Houston with a best-in-class top drive system (for faster drilling rates) and ancillary equipment to acclimate the rig for drilling in the Kalahari Desert. \nIn response to the COVID-19 pandemic, which brought about travel bans and logistical restrictions, the Company deferred scheduled drilling activities to such a time as critical restrictions are lifted. Following the Namibian government's announcement that the country will begin to gradually reopen from Tuesday, May 5, domestic travel is now permitted w...