Reconnaissance Energy Africa

RECAF

Oil & Gas Exploration & Production · Energy

Price

$0.61

+0.01 (+1.83%)

Market Cap

$233.3M

Exchange

Other OTC

Winston Score

–

No score yet — Winston is napping.

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

Share count rising — dilution

+79.2% over 4y

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

Diluted shares outstanding: 164.6M (2021) → 295.1M (2025)

Reconnaissance Energy Africa Ltd. is a small oil and gas exploration company focused on finding oil and natural gas in Africa. Its main project is in the Kavango Basin, a large sedimentary basin that stretches across Namibia and Botswana. The company is in the early exploration stage, meaning it is still drilling test wells to figure out whether commercial quantities of oil or gas exist underground.

The company does not yet produce or sell oil or gas, which explains why it has zero revenue and negative returns. It is funded primarily through equity raises — selling shares to investors to pay for drilling and exploration costs. ReconAfrica operates almost entirely in southern Africa and is a micro-cap company with significant financial risk. The biggest risk it faces is that exploration wells may not find enough oil or gas to justify commercial development, which could leave investors with little to show for the money spent.

Winston Score History

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

YoY Growth Rate

Revenue data limited

EPS Growth

+41.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

Research and development spending

Insider Activity

7.7%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

$30M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$30M cash & investments at current burn rate

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.

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Quality

Gross Margin

N/A

Data not available

Operating Margin

N/A

Data not available

ROCE

-1.5%

Weak — -1.5% return on capital

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

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Growth

Sales YoY

-100.0%

Shrinking sales (-100.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

N/A

Data not available

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

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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