Reconnaissance Energy Africa (RECAF) Stock Soars 20% After The Big News

Those looking into the notable gainers this morning might have come across the Reconnaissance Energy Africa Ltd (OTCMKTS:RECAF) stock, which has managed to clock gains of 20% at the time of writing.

This morning the company announced that it has successfully managed to set the intermediate casing and has also revealed the results from the geologic report into the first section of the second well at Kavango Sedimentary Basin. The report has further reinforced the fact that there is a workable petroleum system at the basin.

The announcement from Reconnaissance Energy Africa was a positive one and it was welcomed with great optimism by investors as well. However, that is not all. The company also announced that it is going to spend at least C$10 million in the Kavango area in order to further fortify its ESG (Environment, Social & Governance) standards. It now remains to be seen if the stock can continue to add to its gains today.