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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 71,498,145
Close 2020-07-07 C$ 0.81
Recent Sedar Documents

Reconnaissance Energy Africa farmout option agreement

2020-07-07 19:06 ET - Property Agreement

The TSX Venture Exchange has accepted for filing a farmout option agreement dated June 10, 2020, between Reconnaissance Energy Corp. (the optionee) and Reconnaissance Energy Botswana Pty. Ltd. (the subsidiary), which is a wholly owned subsidiary of Reconnaissance Energy Africa Ltd., whereby the company, through its subsidiary, is granting an option to the optionee to acquire a 50-per-cent participating interest in a petroleum exploration licence granted to the subsidiary on June 9, 2020, on a property in northwestern Bostswana. In consideration, the optionee will make the initial payment of $100,000, followed by a payment of $1-million to the subsidiary if the option is exercised within 18 months of the date the licence was awarded to the company, or a payment of $1.5-million if the option is exercised between 18 months and 36 months from the date of award.

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