Interview: Activist Questions ReconAfrica’s Oil Claims and Namcor Share Deal Silence

Social justice advocate Roob Parker is demanding answers over what he calls a troubling lack of transparency surrounding ReconAfrica’s operations in Namibia. In an interview, Parker questioned why a 2022 letter of intent — which proposed the sale of 5% of Namcor’s shares in ReconAfrica — never materialized into a completed transaction.

“The shares were supposed to be sold at roughly $4 to $4.50 each, but here we are, years later, and Namcor still holds them,” Parker said. He argues that the delay raises red flags, especially given that ReconAfrica, according to its own now-deleted reports, appears to have little realistic hope of ever discovering commercially viable oil.

Parker also took aim at the company’s early promotion of a “deep sedimentary basin” and claims of 120 billion barrels of oil, which have since vanished from headlines. “Whatever happened to those grand claims?” he asked.

Further fueling concerns is the apparent mass exodus of ReconAfrica’s founding members from its board. Parker singled out co-founder Craig Steinke, who reportedly sold off more than half of his shares in 2021 when the company’s stock price surged following claims of a working petroleum system — despite no commercial oil being confirmed.

“These moves suggest insiders never truly believed in the long-term viability of the project,” Parker said, calling for full public disclosure and accountability from both Namcor and ReconAfrica.

The activist’s remarks come amid ongoing public scrutiny over resource governance and foreign investment transparency in Namibia’s energy sector.