Mr. Brian Reinsborough reports

RECONAFRICA COMPLETES STRATEGIC FARM DOWN WITH BW ENERGY

Further to its press releases dated July 16, 2024, and July 30, 2024, Reconnaissance Energy Africa Ltd. has completed the farm-down agreement with BW Energy Ltd. The sale of a 20-per-cent working interest in petroleum exploration licence 73 (PEL 73), in northeastern Namibia, has been approved by the Namibian Ministry of Mines and Energy (MME) and NAMCOR Exploration and Production Pty. Ltd. The working interests in PEL 73 are now:

• ReconAfrica (operator) -- 70-per-cent working interest;
• BW Energy -- 20-per-cent working interest;
• NAMCOR -- 10-per-cent working interest.

Brian Reinsborough, president and chief executive officer of ReconAfrica, commented: "We are pleased to have received all the necessary approvals for the completion of our strategic farm-down agreement with BW Energy on PEL 73. We look forward to working with BW Energy as we continue to explore the Damara fold belt and rift basin plays.

"The results of the Naingopo exploration well will be released shortly following third party analysis of our extensive evaluation program, which was undertaken after the completion of drilling operations on the well. Results have been delayed due to transportation of side wall cores and fluid samples over the holiday period. All samples have now arrived with our third parties and are being analyzed."

Carl K. Arnet, chief executive officer of BW Energy, commented: "The transaction will enable BW Energy to expand its footprint in a strategically important energy region and further our position as a leader in Namibia's journey towards energy independence. The data and insights gained through ReconAfrica's exploration campaign will further our understanding of the geology and petroleum system in Namibia."

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 implementing environmental and social best practices in all of its project areas.

We seek Safe Harbor.