Sunday, September 7, 2025

ReconAfrica: Haywood Lifts Price Target To $16.00 Following Operational Update

On June 24th, ReconAfrica (CVE: RECO) provided an operational and COVID-19 update, wherein the company announced that they are taking a break drilling due to maintenance, issues but expect drilling to resume shortly. Additionally, the company announced that they are expecting to commence the seismic program in late July. The program will run for 6 to 8 weeks.

The company only has one analyst covering the company, which is Haywood Capital Markets. After the news, they upgraded their 12-month price target on the company to C$16 and reiterated their buy rating.

Their analyst is under the impression that this update, “confirms more oil and gas shows.” In the operational update, the company said they found incremental 685 feet of oil and gas shows in a deeper section of the 6-1 well in Namibia. This would take the total to 1,125 feet of hydrocarbon shows. Haywood doesn’t put a lot of attention on the pause and believes that this is just a hiccup.

Haywood says that the approval for water use from the Ministry of Agriculture, Water and Land Reform is an opposing view to the most recent National Geographic article. That article stated that they were operating without proper approvals.

Lastly, Haywood lists three potential catalysts for the company going into the second half of 2021. The first catalyst is expected to happen in July, where the company will come out with its preliminary analysis of the 6-1 well, and a detailed analysis of the 6-2 well. The other two are expected to happen late in 2021, early 2022, with the second catalyst being the acquisition and interpretation of 450 kilometres of 2D seismic, and finally the drilling of the third and fourth wells.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Electronic Arts: Q1 Analyst Consensus Estimates

Electronic Arts (NASDAQ: EA) will be reporting its fiscal first quarter financial results after the...

Wednesday, August 4, 2021, 10:49:00 AM

Canaccord’s Digital Asset Symposium Sees Michael Saylor Push Bitcoin As A Hedge Against Uncertainty

On February 15th, Canaccord Genuity hosted their fourth consecutive Digital Assets Symposium, which included a...

Sunday, February 27, 2022, 11:14:00 AM

Cantor Releases Industry Report For Cannabis, Aphria Remains Top Pick

Recently, Cantor Fitzgerald released their monthly review of Hifyre data for the four weeks ending...

Sunday, October 4, 2020, 01:57:00 PM

Lundin Mining Downgraded By Canaccord Due To Candelaria Mine Concerns

Lundin Mining Corporation (TSX: LUN) reported its second quarter financials on July 28. The company...

Friday, August 6, 2021, 11:54:00 AM

Tilray: Haywood Reiterates Hold Rating, $16.50 Price Target

With the Aphria, Tilray (NASDAQ: TLRY) merger finalized and Aphria shares consolidated earlier this month,...

Wednesday, May 19, 2021, 03:38:00 PM