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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 130,917,056
Close 2021-02-25 C$ 3.56
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Reconnaissance outlines progress on Kavango well

2021-02-25 08:03 ET - News Release

Mr. Scot Evans reports

RECONAFRICA PROVIDES DRILLING UPDATE & APPOINTED TSX VENTURE 50 TOP PERFORMING ENERGY COMPANY 2021

Reconnaissance Energy Africa Ltd. has provided an update on drilling operations in the Kavango sedimentary basin in the Kalahari Desert of northeast Namibia. It has qualified as the Canadian TSX Venture 50 Exchanges 2021 top performing energy company.

Drilling operations

As announced on Jan. 11, 2021, the company commenced drilling operations on the first well (6-2), of an initial three-well program to evaluate potential hydrocarbon systems in one of five major subbasins of the larger, more laterally extensive, deep Kavango basin.

Having set and cemented 17-1/2-inch surface casing mid-January, ReconAfrica has reached the intermediate casing point, set 12-1/4th-inch casing and has completed the cementing operation. The cementing operation is a key element of all oil well drilling and has been completed in accordance with international standards and best practices.

Over the interval drilled thus far, ReconAfrica has been continuously sampling and testing cuttings, successfully run a full suite of wire-line logs and taken 34 sidewall cores. ReconAfrica is using industry leaders to provide analysis of this critical well, with Schlumberger providing wire-line logging services (as per the Jan. 11, 2021, press release), Netherland Sewell and Associates (Dallas, Tex.) performing well log analysis and Geomark Research (Houston, Tex.) evaluating petroleum geochemistry.

With the completion of the intermediate casing operation, the company will recommence drilling to the planned depth of 12,500 feet, with the objective of reaching total depth (TD) before the end of March. The data collection and analysis described above will continue to TD, with the addition of taking whole cores over key intervals.

In keeping with the company's policy of implementing environmental best practices, Reconnaissance Energy's drilling fluids are water based, organic and biodegradable, which are fully environmentally safe, for many aspects, including top soil enhancement and development.

"I am very pleased with the successful drilling operations the ReconAfrica team has completed to date. We are adhering to the highest standards of health, safety and environmental best practices and are on program in all phases of operations," stated Nick Steinsberger, senior vice-president of drilling and completions.

Community

As part of Reconnaissance's continuing community initiatives, the company is finalizing approvals for three more community water wells specifically tying into Namibia's national rural water management plan. These wells provide access to potable water, and are highly welcomed by regional leaders, traditional authorities and community members.

TSX Venture Exchange 50

The company has qualified for the 2021 TSX Venture 50, a ranking of the top performers on the TSX Venture Exchange over the last year.

Further, Reconnaissance Energy was appointed the top performing company in the energy sector.

The 2021 TSX Venture 50 is an annual program showcasing the top 10 performers from five industry sectors: clean technology and life sciences, diversified industries, energy, mining, and technology. Top performing companies were selected based on year-over-year performance across three equally weighted criteria: market capitalization growth, share price appreciation and trading volume for the year ended Dec. 31, 2020.

"Considering the many challenges of 2020, it is an honour to be selected as one of the top 50 of over 1,500 companies listed on the TSX Venture Exchange and specifically the distinction of the TSX Venture Exchange top performing energy company. On behalf of ReconAfrica shareholders, I would like to thank our extended team in Canada, USA and Namibia, as this is really their award and we appreciate their past effort and ongoing support," stated Scot Evans, chief executive officer.

Reconnaissance Energy is a junior, Canadian oil and gas company engaged in the opening of the newly discovered deep Kavango sedimentary basin, in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the company holds petroleum licences comprising approximately 8.5 million contiguous acres. In all aspects of its operations, Reconnaissance Energy is committed to minimal disturbances in line with international best standards and will implement environmental and social best practices in all of its project areas.

We seek Safe Harbor.

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