#JustIn: Stock exchange urged to stop ReconAfrica listing new shares

A collective of civil society organisations hailing from Namibia, the USA and Canada has urged the Toronto Stock Exchange Venture Exchange (TSXV) to withhold regulatory clearance for Reconnaissance Energy Africa Ltd (ReconAfrica) and its proposed new share listing.

Earlier this week, ReconAfrica said it has received its environmental clearance certificate (ECC) from the office of the environmental commissioner at the ministry of environment, forestry and tourism to start drilling an additional 12 exploration and appraisal wells, to unrestricted depths, in the Kavango Basin.

Late last month, the company announced a new share offering, looking to raise US$6.5 million to continue its exploration for oil and gas.

The coalition of civil society yesterday sent a letter to the TSXV, urging it to stop the share listing.

“Given the ongoing legal and regulatory issues coupled with huge ecological, human rights, and cultural impacts, the share listing should not proceed,” the group said.

Local members of the group include Earthlife Namibia, the Economic and Social Justice Trust, Saving Okavango's Unique Life, the Women’s Leadership Centre and the Nutrition and Food Security Alliance of Namibia.