- Reconnaissance Energy Africa (TSXV:RECO) inks investor relations contract with Torrey Hills Capital
- The company also hires John Boudreaux as its logistics and procurement manager
- Boudreaux will organize transport for the company’s equipment to its licence in the Kavango basin
- Drilling is expected to commence in June
- RECO shares were down 1.35 per cent and traded at C$0.73 per share
Junior energy company Reconnaissance Energy Africa (TSXV:RECO) has entered into an agreement with investor relations firm Torrey Hills Capital.
Torrey Hills Capital will develop and conduct a corporate finance and investor relations campaign for the company and be paid a cash fee of C$8636.73 (US$6,500) per month for a period of six months.
This initial contract expires in August but will renew automatically every month thereafter unless it is the terminated by the company.
ReconAfrica also agreed to issue stock options to Torrey Hills Capital to acquire an aggregate of 200,000 common shares in the company at C$0.76 per share for a three-year period and vest over a 12-month period.
The company has also taken on John Boudreaux as its logistics and procurement manager, who will lead drilling operations in the Kavango basin.
Boudreaux’s previous experience in integrated project management and procurement at Halliburton Energy Services will be key to the company’s future operations according to CEO Jay Park.
He said Boudreaux is working closely with Houston-based Henderson Rigs to bring ReconAfrica’s Crown 750 drilling rig and associated equipment from Texas to the port of Walvis Bay, Namibia, and then transporting it to the Kavango basin in the country’s north east.
“With ReconAfrica’s purchase of the Crown 750 drilling rig, it is necessary to have the specialist procurement and mobilisation expertise that John has acquired over his 33 year tenure with Halliburton,” Park said.
“His extensive experience in international logistics will play a major role in the timely execution of our Kavango Basin drilling campaign, (which is) scheduled to commence (in) the second half of June, 2020.”
The company holds a 90 per cent interest in a petroleum licence in the Kavango sedimentary basin, which covers about 6.3 million acres.
ReconAfrica shares were down 1.35 per cent and traded at C$0.73 per share.