The company’s stock trades at about $1.20 a share, a more than 90-per-cent decline from its peak
Canadian oil company ReconAfrica is spending nearly US$1-million on a new marketing campaign to promote its Namibia exploration project, just weeks after agreeing to pay a reported US$10.8-million to settle two court cases over investor complaints of misleading statements about the project., says it has hired Florida-based FTB Capital Inc. to conduct “investor awareness, advertising and marketing activities” on its behalf, including banner ads and paid articles.
Much of the content ReconAfrica paid for was tailored to hook investors into believing the early-stage company, which had no proven reserves, was sitting on a treasure trove. “120 billion barrels of oil in the Kavango Basin. That’s the potential amount of oil sitting under the Kalahari Sands in Namibia and Botswana,” paid stock promoter Richard Mason wrote on
Canadian law firm Berger Montague said last month that ReconAfrica has agreed to pay $5.075-million to settle the Canadian class-action suit, if the agreement wins court approval. A hearing on the matter is scheduled next month at the British Columbia Supreme Court. FTB Capital, the company hired by ReconAfrica for its latest promotional campaign, is registered by Andrew Paul Rudensky, according to Florida corporate records. In 2018, Canadian stock regulators investigated Mr. Rudensky and suspended him for two years for making false and misleading representations to an investment dealer about his personal financial dealings with a client.
But critics say there’s little evidence that much progress has been made in the years since the CSA task force was launched.-based securities lawyer Joseph Groia, who is a former head of enforcement at the Ontario Securities Commission, said he’s seen no measurable improvement in Canadian oversight around abusive stock promotion in the past 15 years.
“It’s a fair question to ask why the regulators haven’t done anything with that company,” Mr. Groia said.
Reconnaissance Energy Africa Ltd. Energy
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