Bulletin Contents
Search
Home Page
 
Reconnaissance Energy Africa Ltd. 
Listed Company 

RECONNAISSANCE ENERGY AFRICA LTD. ("RECO")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: July 7, 2020
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing a Farmout Option Agreement dated June 10, 2020 between Reconnaissance Energy Corporation (the "Optionee") and Reconnaissance Energy Botswana (Pty) Ltd. (the "Subsidiary"), which is a wholly-owned subsidiary of Reconnaissance Energy Africa Ltd, (the "Company"), whereby the Company, through its Subsidiary, is granting an option to the Optionee to acquire a 50% participating interest in a petroleum exploration license granted to the Subsidiary on June 9, 2020 on a property in north-western Bostswana. In consideration, the Optionee will make the initial payment of $100,000, followed by a payment of $1,000,000 to the Subsidiary if the Option is exercised within 18 months of the date the license was awarded to the Company or a payment $1,500,000 if the option is exercised between 18 months and 36 months from the date of award.

________________________________________