Reconnaissance Energy Africa Ltd. (RECAF)

Investigation 

Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Reconnaissance Energy Africa Ltd. ("ReconAfrica" or "the Company") (OTC: RECAF). The investigation concerns whether ReconAfrica and certain of its officers and/or directors have violated federal securities laws.

 

On May 11, 2021, National Geographic published a report, “Oil company exploring in sensitive elephant habitat accused of ignoring community concerns: Namibians allege ReconAfrica disposed of wastewater unsafely, without permits, and ignored concerns about potential impact of oil drilling on water and wildlife.” The report stated that “ReconAfrica, a Canadian company exploring for oil and gas in Namibia upstream of a world-famous UNESCO World Heritage site that’s home to elephants and other wildlife is disposing of wastewater without permits, according to a government minister.” The report continued to state that “[d]rilling for the first test well began in January, and waste fluids are being stored in what appears to be an unlined pond, where they could leach into the ground and contaminate the water supply in this desert region[,]” and “Namibia’s minister of agriculture, water, and land reform, the agency responsible for water-related permits, told National Geographic in a written statement that ReconAfrica does not yet have permits approved to extract water to use in its drilling operations nor to dispose of the waste water[.]” Following this news, ReconAfrica stock dropped roughly 6% to close at $7.50 per share on May 11, 2021.

 

If you are aware of any facts relating to this investigation, or purchased ReconAfrica shares, you can assist this investigation. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484. 

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.