Reconnaissance Energy Africa Expands Offering to Boost Gabon Operations
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Reconnaissance Energy Africa (TSE:RECO) has increased its underwritten offering to C$18 million to enhance operations in Gabon, driven by strong investor demand. The funds will support geological studies and the development of the Loba Complex oil discovery. Despite a strong balance sheet, the company faces financial instability with declining revenues and negative cash flows, leading to a Neutral rating from Spark's AI Analyst. The company focuses on low-risk oil and gas exploration in West Africa, particularly Gabon, with a market cap of C$218.6M.
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