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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 154,168,928
Close 2021-04-26 C$ 7.95
Recent Sedar Documents

Reconnaissance to begin drilling at 6-1 by May 1

2021-04-26 03:11 ET - News Release

Mr. Scot Evans reports

RECONAFRICA PROVIDES CORPORATE UPDATE

Reconnaissance Energy Africa Ltd. has provided an operations update, has made additions to the company's personnel and has disclosed incentive stock option grants.

Operations

The first of the initial three-well drilling program, the 6-2 well, was temporarily capped on April 19. The rig has been rigged down, with drilling rig components, the drill pipe and auxiliary equipment moved 16 kilometres (10 miles) north to the second drill site, 6-1. This second vertical well, anticipated to commence drilling by May 1, is designed to evaluate the petroleum systems discovered in the first well (6-2) in an area of maximum thickness.

Personnel

Diana McQueen, previously senior policy adviser to the company, has now joined Reconnaissance as senior vice-president of corporate communications and stakeholder relations. Ms. McQueen is highly experienced in the fields of government, indigenous relations and strategic affairs. Previously, she has held high-level Alberta provincial cabinet roles including Minister of Energy, Minister 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.

Grayson M. Andersen has joined the company as manager of investor relations. Mr. Andersen has over 22 years of oil and gas and capital market industry experience, 10 of which have been spent in the United Kingdom as a specialist salesperson with Macquarie Capital, Simmons & Company and Credit Suisse. Mr. Andersen most recently served as the corporate vice-president, capital markets, for Frontera Energy Corp. Prior to this, Mr. Andersen provided capital market advisory services to GeoPark Ltd. Prior to moving to the U.K., Mr. Andersen was manager of investor relations for Canadian Natural Resources Ltd. in Calgary, Alta. Mr. Andersen is a CPA and CA, and spent five years in the oil and gas assurance practice of KPMG in Calgary, Alta. He holds a bachelor of commerce (co-op) degree from Memorial University of Newfoundland.

In his role, Mr. Andersen will be responsible for preparing and executing the company's overall investor relations plan, initiating and executing investor meetings and road shows, advising on press releases, quarterly reports and other investor materials, providing advisory services with respect to market execution activities and peer group analysis, and acting as an intermediary for the company to the investment community.

Mr. Andersen's agreement with the company provides for an initial term of six months, and thereafter, the parties shall have the option to mutually extend the agreement, unless otherwise terminated in accordance with its terms. Under the agreement, the company will pay Mr. Andersen $16,666 (U.S.) per month and reimburse him for expenses incurred in relation to the performance of the services. Mr. Andersen is also eligible for the award of approximately 250,000 stock options of the company, to be granted in accordance with the terms of the company's stock option plan, at the discretion of, and subject to the approval of, the board of directors of the company.

Prior to entering into the agreement, Mr. Andersen had no interest, directly or indirectly, in the company or its securities, and acted at arm's length to the company. The consideration to be paid by the company to Mr. Andersen under the agreement is for services only.

Stock option grants

Pursuant to the company's stock option plan, the company has granted to directors, employees and consultants of the company options to purchase an aggregate of 4.75 million common shares of the company at a price of $6.88 per share for a period of five years, expiring on April 25, 2026.

Reconnaissance Energy Africa 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.

We seek Safe Harbor.

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