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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 68,579,500
Close 2021-04-06 C$ 3.39
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Reconnaissance drills 6-2 well to total depth

2021-04-07 02:37 ET - News Release

Mr. Scot Evans reports

RECONAFRICA OPERATIONAL AND CORPORATE UPDATE, NAMIBIA

Reconnaissance Energy Africa Ltd. has provided the following operational and corporate updates.

Operations

In accordance with its contractual obligation to the Ministry of Mines and Energy, Reconnaissance has achieved total depth on the 6-2 well, the first well of a three-well drilling program in the deep Kavango basin. This stratigraphic test well has accomplished all the goals Reconnaissance set for it, which includes the acquisition of an abundance of whole and sidewall core along with cuttings and significant well log data. The well has been drilled safely and in an environmentally responsible manner. All data are undergoing a comprehensive analysis by Reconnaissance's Namibian and North American technical team and consultants.

Once all operations are completed on the 6-2 location, the rig will be moved approximately 10 miles (16 kilometres) north to the second well site in the program, the 6-1 location. Preparation of the 6-1 site has been proceeding in parallel to the 6-2 drilling operations, with the expectation of commencing drilling this second well in late April, 2021.

Corporate social responsibility (CSR)

The company's CSR team has been working with the Ministry of Environment, Forestry and Tourism (MEFT), the Ministry of Water, Agriculture and Land Reform (MAWLR), NamWater, the Ministry of Mines and Energy (MME), regional governments, traditional authorities, and communities to implement multiple environmental and social projects. Of critical importance to the region, Reconnaissance has permitted and drilled four community water wells which are fully operational, and is permitting an additional six locations in both East and West Kavango. These wells are in addition to the two well-site water wells that have been drilled to support operations, and will be available for use by the local communities when appropriate. As access to freshwater is a major daily challenge for many residents in the Kavango region, drilling and completing wells, for those who need it the most, are a significant component of Reconnaissance's community outreach program in this impoverished region.

Please see the second of its series, the Voices of Kavango (Chapter 2). This video highlights the stakeholder engagement in various communities in which Reconnaissance operates, along with some specific examples of local hiring in the region and communities.

Personnel

Diana McQueen has joined Reconnaissance as senior policy adviser in the fields of government, indigenous relations and strategic affairs. Ms. McQueen is highly experienced in governmental affairs, having held various Alberta provincial cabinet roles, including Minister of Energy, Minster of Environment and Water, Minister of Environment and Sustainable Resource Development/Forestry and Climate Change, Minister of Municipal Affairs and government House leader, and member of numerous committees such as treasury board, and agenda and priorities.

Also, joining the company is Geoff Anderson, a petroleum geologist with over 17 years of experience in exploration and development geology and petroleum economics. He has an MBA in energy leadership and is skilled in economic evaluation modelling and project development. Mr. Anderson started his career at BlackRock Ventures Inc., which was sold to Shell Canada for $2.4-billion in 2006. He also held a geologist role at North American Oil Sands Corp. that was sold to StatOil for $2.2-billion in 2007. His most recent role was as senior geologist and economic modeller with Prosper Petroleum Ltd. based in Calgary, Alta.

Reconnaissance 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 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.

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