Court Approves the Shareholder Settlement with Reconnaissance Energy Africa Ltd. to resolve the Shareholder Class Action

(June 20, 2024). We are pleased to announce that the British Columbia Supreme Court of Justice (the “Court”) has approved the Settlement Agreement in Catherine Bowles v. Reconnaissance Energy Africa Ltd., bearing Court File No. VLC-S-S-233808 (the “Action” and “ReconAfrica”).

Background

Commencing June 24, 2021, research firm Viceroy Research LLC (“Viceroy”) published a report exposing the Defendant’s wrongdoing. The report detailed ReconAfrica’s unrealistic fracking intentions, and the omission of material facts concerning their data from the Company’s promotional test well announcements. Viceroy continued to publish additional reports further revealing the Defendant’s misrepresentations and weak prospects for conventional oil and gas production. Those reports included a Viceroy report dated September 7, 2021, the last day of the Class Period, pointing out significant weaknesses and omissions in the Company’s then most recently announced test results.  On September 7, 2021, when the Viceroy Report was published, ReconAfrica’s closing share price dropped from $6.50 to $5.90, or 12.8%, on record trading volume. The pleading may be read here. ReconAfrica denies all wrongdoing.

How to Collect Your Money

After 30-days of the Court’s Order with no appeal(s), it will be final. We will publish a Claims Administration webpage for investors to submit a claim with supporting documentation; that reflect that purchased ReconAfrica’s securities between May 30, 2020 and September 7, 2021.

Questions

Berger Montague (Canada) PC is a law firm that investigates, litigates and resolves economic and financial disputes. You may learn more at www.bergermontague.ca

For further information: Questions for the Class Members’ lawyers may be directed to: Berger Montague (Canada) PC, 330 Bay Street, Suite 505, Toronto, ON M5H 2S8, Tel: 647.598.8772 ext 2, Email: [email protected]. Andrew Morganti and Vince DeMarco represented the investors.