Reconnaissance Energy Africa (ReconAfrica), which is looking for commercial volumes of oil in northern Namibia, is gearing up for a multi-well exploration campaign, confident that it has identified a proven petroleum system.

The Toronto and Frankfurt-listed junior and its partner, state-owned Namcor, have been criticised by anti-fossil fuel campaigners in southern Africa who question the wisdom — for the climate, environment and locals — of this oil search.

ReconAfrica has also been the target of short sellers in Canada who believe its stock price is over-hyped.