/NOT FOR DISSEMINATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATES OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA./
VANCOUVER, Feb. 18, 2020 /CNW/ – Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSX-V: RECO) (OTC: LGDOF) (Frankfurt: 0XD) is pleased to announce Shiraz Dhanani has joined the Board of Directors of the Company.
Shiraz Dhanani’s expertise is concentrated in new country access, initiating new field oil and natural gas plays, project and executive management, with a strong focus in Africa. Mr. Dhanani has gained this expertise over the course of 40 years while, for the most part, working with major oil companies including BP and ExxonMobil.
While at BP, Shiraz was the Technical Director of BP in Libya where he played an integral role in negotiating a multi-billion dollar exploration and appraisal contract comprising 54,000 square kilometres (over 13,000,000 acres) in the Libyan onshore Ghadames basin and deep offshore Sirt basins. Shiraz was also part of the BP team which commenced the world’s largest seismic operation both onshore and offshore Libya, as well as initiating an extensive exploration drilling program to develop the assets.
Shiraz is also credited for, through a successful drilling and appraisal program, proving the viability of the Silurian black shales in Northern Africa (Tunisia), joint venturing and monetizing the asset to Anadarko in 2011.
“With ReconAfrica’s discovery of a new rift-sedimentary basin in Namibia, I’m delighted to join the Company in its formative stage of development,” stated Shiraz Dhanani. “After reviewing the data, I believe the Kavango basin is optimally conducive to host a resource rich and active petroleum system that must be drilled.”
“I am pleased to welcome Shiraz Dhanani to the Board,” said Jay Park, ReconAfrica CEO. “I also want to thank Chet Idsizsek for his service to the Company as a director and for the shepherding the Company through the reverse takeover that has brought the Company to its current form. Chet will continue as a consultant to the Company providing ongoing advice.”
The Company further announces that, pursuant to the Company’s stock option plan, it has granted to directors, officers, consultants, and employees of the Company options to purchase an aggregate of 1,050,000 common shares of the Company at a price of C$0.76 per share for a period of up to five years, subject to regulatory approval.
ReconAfrica is a junior oil and gas company engaged in the development of the newly discovered Kavango Sedimentary Basin, in northeast Namibia, where the Company holds a 90% working interest in a petroleum license, comprising approximately 6.3 million contiguous acres.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements: Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE Reconnaissance Energy Africa Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2020/18/c5403.html