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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 162,094,111
Close 2021-06-24 C$ 13.34
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Reconnaissance Energy to resume drilling at Kavango

2021-06-24 12:14 ET - News Release

Mr. Scot Evans reports

RECONAFRICA PROVIDES OPERATIONAL UPDATE AND COVID-19 RESPONSE

Reconnaissance Energy Africa Ltd. has provided an update on drilling and seismic operations in the Kavango sedimentary basin as well as a response to Namibia's serious outbreak of coronavirus infections.

Drilling operations

The company has taken a short break in drilling operations due to maintenance issues and expects to start drilling ahead in the next couple of days to a permitted total depth of approximately 3,800 metres (12,500 feet). Reaching total depth on this second well (6-1) is anticipated during the first week of July, 2021.

As reported on June 3, 2021, the initial analysis of the first section of the 6-1 well established 134 metres (440 feet) of light oil and gas indicators (shows). Thus far, in the deeper section of this 6-1 well, the company has encountered an incremental 209 metres (685 feet) of hydrocarbon shows comprising a variety of light oil and natural gas. Collectively, the 6-1 well has encountered 343 metres (1,125 feet) of hydrocarbon shows, further confirming an active petroleum system in the Kavango sedimentary basin.

The company has formally received all water well regulatory approvals for drilling operations from the Ministry of Agriculture, Water and Land Reform.

Seismic operations

Subject to final permitting, the seismic program is expected to commence in the third week of July for an anticipated six-to-eight-week duration. Polaris Geophysical is currently mobilizing staff and equipment for Reconnaissance Energy and its partner NAMCOR's (the national oil company of Namibia) 450-kilometre 2-D seismic program in the Kavango basin. Polaris Geophysical, Canada's longest-standing geophysical contractor, was selected, in part, as it provides the world's lightest-impact seismic acquisition equipment, along with high-quality seismic data. This low-impact seismic program will be conducted during daylight hours to minimize wildlife disturbance and along existing roadways.

Polaris Geophysical will operate from its established base in Rundu, Namibia, and anticipates hiring approximately 100 local unskilled and skilled personnel for this important operation.

ESG (environmental, social and governance)

As a company that has established meaningful relationships and roots in Namibia -- with employees, contractors, suppliers, community members and national leaders -- the company's heart is with the people of Namibia and filled with regret for all that the country has endured due to the COVID-19 pandemic. Reconnaissance Energy has responded to calls for assistance by the government of Namibia with its recent commitment of a 15-million-Namibian-dollar contribution to the country's COVID-19 vaccine rollout campaign, which will support the procurement, distribution and administration of vaccines. This is in addition to the health care support the company provided in the Kavango area in late 2020.

Reconnaissance Energy is also investing capital and taking action to provide safe drinking water in many Namibian communities. In addition to four community water wells the company has previously drilled and donated, Reconnaissance Energy now has all permits in place to drill an additional eight water wells. The drilling of these community water wells will commence as soon as practicable. The company's concern and respect for long-term, safe community water quality and supply in the Kavango region are backed up by the company's commitment to all levels of government to ensure careful and comprehensive monitoring and analysis of water and aquifers as part of the company's approach to environmental management.

About Reconnaissance Energy Africa Ltd.

Reconnaissance Energy is a 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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