Reconnaissance Energy Africa

RECO.V

Oil & Gas Exploration & Production · Energy

Price

C$0.69

+0.03 (+4.55%)

Market Cap

C$265.6M

Exchange

Toronto Stock Exchange Ventures

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Share count rising — dilution

+88.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 164.6M (2021) → 310.1M (2025)

Winston Score History

The full picture

Reconnaissance Energy Africa Ltd. is a Canadian oil and gas exploration company focused on finding oil and natural gas in Africa. Its main asset is a large exploration license covering roughly 8.5 million acres in the Kavango Basin, which spans Botswana and Namibia. The company is in the early exploration stage, meaning it has not yet produced or sold any oil or gas commercially.

Because it is still exploring, the company currently earns no revenue and spends money drilling wells and running geological studies. It is funded primarily through equity raises and is headquartered in Vancouver, Canada, with all field operations in southern Africa. The biggest risk the company faces is that exploration-stage companies frequently fail to find oil in commercially viable quantities, and even a confirmed discovery would require years of additional investment before generating any income.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

+22.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

C$0/ year

Research and development spending

Insider Activity

7.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~23 months

C$24M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

N/A

—

Data not available

Profit after running costs

Operating Margin

N/A

—

Data not available

Return on the money invested

ROCE

-6.4%

Weak — -6.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

N/A

—

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

N/A

—

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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