Reconnaissance Energy Africa Ltd (RECAF) Stock Sees High Volatility: But Why?

Last week the Reconnaissance Energy Africa Ltd (OTCMKTS:RECAF) stock had a pretty disappointing time in the markets as it tanked by as much as 30%. However, on Tuesday, the stock managed to make a comeback of sorts and recovered strongly as investors returned to the stock.

Yesterday Reconnaissance Energy Africa stock jumped by as much as 11% and it might just be the right time for investors to start taking a closer look at the latest events surrounding the company. There was no news about the company yesterday but back on Monday, Reconnaissance Energy Africa had made an announcement with regards to ESG or Environment, Social and Governance initiative.

The initiative had been launched by the company officially earlier on this year on June 3. On August 9, Reconnaissance Energy Africa provided key updates with regards to the work it has done regarding the initiative.

The company revealed that in the past 60 days it has worked with communities, Namibian government and conversancies among others with regards to its ESG goals. The initiatives that the company has been involved with are related to wildlife, reforestation and water among others. It is now going to be interesting to see if investors continue to flock to the stock today.