Potential Unreported Material Changes and/or Misrepresentations made by Reconnaissance Energy Africa Ltd.

A report by the Center for International Environmental Law, Above Ground, and the Global Law Alliance for Animals and the Environment requesting that the TSX Venture Exchange investigate Reconnaissance Energy Africa Ltd. (ReconAfrica) for potential unreported material changes or misrepresentations. The authors allege that ReconAfrica shifted its public narrative from targeting unconventional shale resources to conventional oil and gas after the Namibian government clarified that the company lacked a license for unconventional resource development, while continuing to rely on unconventional resource estimates and expertise.

• Prior to September 18, 2020, ReconAfrica's public materials and filings explicitly identified unconventional shale resources as the primary target of its initial drilling program.
• ReconAfrica's early investor materials used a 'Shale Play Valuation by Acreage' chart that tied the market value of its acreage to the use of 'modern frac stimulations' and 'production from horizontals'.
• On September 18, 2020, the Namibian Ministry of Mines and Energy and Reconnaissance Energy Namibia (REN) issued a release stating that ReconAfrica's license was for exploring hydrocarbons and conventional reservoirs, and that no license for unconventional resources or fracking had ever been granted in Namibia.
• Following the September 18, 2020 announcement, ReconAfrica modified its website, investor presentations, and technical briefs to remove references to 'unconventional' and 'shale', often replacing them with the term 'source rock'.
• ReconAfrica's personnel biographies were edited to remove specific references to their expertise in unconventional resources and fracking.
• Despite claiming a focus on conventional resources, ReconAfrica continues to use resource estimates that include unconventional assets, such as those from Sproule International Limited and geochemist Daniel Jarvie.
• The authors argue that if ReconAfrica shifted its business focus from unconventional to conventional resources without filing a report, it constitutes an unreported material change; conversely, if it still intends to target unconventional resources, its current public statements may be material misrepresentations.

APA

Center for International Environmental Law (2021). Potential Unreported Material Changes and/or Misrepresentations made by Reconnaissance Energy Africa Ltd. https://www.ciel.org/wp-content/uploads/2021/09/2109015-AG-CIEL-GLA-TSXV-Submission.pdf

Chicago

Center for International Environmental Law. Potential Unreported Material Changes and/or Misrepresentations made by Reconnaissance Energy Africa Ltd. 2021. https://www.ciel.org/wp-content/uploads/2021/09/2109015-AG-CIEL-GLA-TSXV-Submission.pdf.

Wikipedia

{{cite report |author=Center for International Environmental Law |title=Potential Unreported Material Changes and/or Misrepresentations made by Reconnaissance Energy Africa Ltd. |date=15 September 2021 |url=https://www.ciel.org/wp-content/uploads/2021/09/2109015-AG-CIEL-GLA-TSXV-Submission.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{centerforinternationalenvironmentallaw2021potential, author = {{Center for International Environmental Law}}, title = {{Potential Unreported Material Changes and/or Misrepresentations made by Reconnaissance Energy Africa Ltd.}}, institution = {Center for International Environmental Law}, year = {2021}, month = sep, url = {https://www.ciel.org/wp-content/uploads/2021/09/2109015-AG-CIEL-GLA-TSXV-Submission.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }