Mr. Brian Reinsborough reports

RECONAFRICA ANNOUNCES AN OPERATIONS UPDATE AND EXECUTIVE APPOINTMENT

Reconnaissance Energy Africa Ltd. has provided an operations update with respect to activities on petroleum exploration licence 73 (PEL 73), onshore Namibia. The company has appointed Gitane De Silva as senior vice-president of ESG (environmental, social and governance), communications and stakeholder relations.

Brian Reinsborough, president and chief executive officer of the company, stated: "We continue to make progress on the drilling of the Naingopo exploration well on PEL 73, onshore Namibia. We have set our last casing point prior to drilling into the Otavi reservoir section. We encountered slower drilling rates in the deeper section of the Mulden formation and experienced tight hole conditions while setting casing, which has caused delays to our original schedule. As part of the planned drilling program, we are switching out the blowout preventer to 10,000 psi [pound per square inch] ahead of drilling deeper intervals. Drilling will commence in the coming days, and we expect soon thereafter to penetrate the primary objective of the Damara fold belt play: the Otavi carbonate reservoir. We plan to be drilling through October before reaching total depth and will disclose well results after thorough analysis of the logs and any obtained fluids. Construction operations are proceeding on schedule to spud the Kambundu exploration well (prospect P). This well is expected to spud following the completion of the Naingopo exploration well.

"Additionally, we are pleased to announce Gitane De Silva will join our team as our new senior vice-president, ESG, communications and stakeholder relations, on Oct. 21, 2024. Gitane is a respected public policy and regulatory leader with over 20 years executive experience at the provincial, national and international levels. She brings deep expertise in the areas of energy, environment, trade and infrastructure. Ms. De Silva's past roles include CEO of the Canada Energy Regulator, various diplomatic postings, and Deputy Minister of International and Intergovernmental Relations for the province of Alberta. We are excited to have Gitane join us in this role and to be a part of our executive leadership team."

Exploration activities

The Naingopo well is targeting 181 million barrels of unrisked prospective light/medium oil resources, or 937 billion cubic feet of prospective natural gas resources, on a 100-per-cent working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates Inc. (NSAI). The well is targeting to drill to a depth of approximately 3,800 metres (or 12,500 feet) and is expected to encounter five primary Otavi reservoir intervals targeting both oil and natural gas. If successful, the well would be a major play-opening discovery providing access to multiple drill-ready prospects.

Elsewhere on PEL 73, the company continues to make progress in the construction of the access road and the construction of the well pad for the second Damara fold belt exploration well, Kambundu, which is expected to start drilling in late November or early December, 2024. Kambundu is targeting 309 million barrels of unrisked prospective light/medium oil resources, or 1.6 trillion cubic feet of prospective natural gas resources, on a 100-per-cent working interest basis, based on the most recent prospective resources report prepared by NSAI.

The company recently received the environmental clearance certificate (ECC) for the undertaking of a three-dimensional seismic survey operation on PEL 73. This program is expected to be acquired in the first quarter of 2025, targeting the prospective Kavango rift basin play.

Gitane De Silva, senior vice-president of ESG, communications and stakeholder relations

Ms. Silva is a respected public policy and regulatory leader with over 20 years executive experience at the provincial, national and international levels who is known for her deep expertise in the areas of energy, environment, trade and infrastructure. Past roles include CEO of the Canada Energy Regulator, where she was responsible for overseeing the safe operation of international and interprovincial pipelines and power lines. A former diplomat and Deputy Minister of International and Intergovernmental Relations for Alberta, Ms. Silva has extensive experience in stakeholder relations and in working across cultures. Ms. Silva holds a bachelor of arts degree (international relations) from the University of British Columbia and the ICDD designation (Institute of Corporate Directors). She is a past recipient of the International Alliance for Women World of Difference Award.

About Reconnaissance Energy Africa Ltd.

ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara fold belt and Kavango rift basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the company holds petroleum licences comprising approximately eight million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and will implement environmental and social best practices in all of its project areas.

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