For Immediate release:
To all media members
January 30, 2025
ReconAfrica’s latest discovery reeks like a “week old mackerel left in the sun”.
In 2021 Canadian exploration company, ReconAfrica, exploring for oil in the Kavango regions of Namibia announced that they discovered a working petroleum system. After drilling two wells without commercial prospects, they turned their focus to the Damara Fold belt.
The company’s latest press release on January 30th, 2025 showed that their pivot has failed as they announced poor well results. While these results were obscured by specious language, the wording didn’t quite hide the failure to find commercial hydrocarbons.
This announcement comes the day after a press release announcing completion of a farm down agreement with BW Energy.
ReconAfrica’s April 2021 announcement made its founders wealthy through shares they owned in the company when their marketing campaign used their misleading announcement to increase the value of the company to over a billion dollars. The price then crashed after reporting by National Geographic and a report by Viceroy Research. The price fell further upon the release of full results.
“The company has never been able to credibility verify the previous oil finds they have claimed to discover. Why? Because it’s all fake – basically an oil pump and dump trading scheme that enriches them while Namibians get nothing out of it” -Rinaani Musutua SOUL
“ReconAfrica’s press release is an admission that there is no elephant in this room.”= Rob Parker SOUL
Justin, a consulting Canadian geologist who has been following the company for years explains the following:
“These ancient stromatolite zones would have at some past time generated a large quantity of oil – and possibly some gas too? But that all pretty well came to a stop when the Damara fold belt was pushed up, buckled and folded and fractured and then exhumed over a few hundred million years of erosion before being overlain by Permian deposits of the Karoo or Cretaceous deposits of the Kalahari. Pretty well all the volatiles would have vanished to surface during that lengthy period of tectonics and erosional unroofing. What would have been left are some tarry residues (fluorescence – oil traces)….These Stromatolitic algal kerogen bands would show up as academic porosity on the well logs – but are extremely unlikely to be productive.”
This analysis is similar to those published by Canadian geologist Elisabeth Kosters and Paul Hoffman.
Justin compares Otavi Oil to Bre-X gold which was the biggest pump and dump scandal in Canadian history.. We believe these news releases show that Recon 2.0 is just marketing. This is confirmed by their misleading Namibian officials to obtain their ECC for seismic as detailed in our latest report.
ReconAfrica violated Namibian laws and norms again and again in their pursuit of oil and gas and it was all a mirage. We hope that now the company has demonstrated conclusively that it is unable to find commercial hydrocarbons, Namibia can move on.
Saving Okavango’s Unique Life (SOUL)
References:
SOUL Report Broken Trust
ReconAfrica Press release well results, January 30
ReconAfrica January 29 press release January 29
https://finance.yahoo.com/news/reconafrica-completes-strategic-farm-down-110000146.html
Elisabeth Koster’s analysis is published on her blog https://earthsciencesociety.com/2021/08/05/canadian-company-recon_africa-drills-for-oil-in-the-okavango-delta/
Paul Hoffman’s was published in Rolling Stone by Jeff Goodell
National Geographic reports on SEC whistleblower
The Data Room 
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