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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 181,661,420
Close 2021-08-09 C$ 7.65
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ReconAfrica pitches market on good corporate behaviour

2021-08-10 00:18 ET - News Release

Mr. Scot Evans reports

RECONAFRICA MAKING STRIDES IN FIRST 60 DAYS OF ESG PLATFORM LAUNCH

Reconnaissance Energy Africa Ltd. has made significant steps forward in its environment, social and governance (ESG) program, which was officially launched on June 3, 2021.

During the last 60 days, ReconAfrica has been working in collaboration with Namibian governments, conservancies, traditional authorities and communities on a number of ambitious initiatives related to water, wildlife and reforestation, in addition to continuing social initiatives.

Water -- steps taken:

  • Assessment of groundwater resources for its Reconnaissance Energy Namibia licence area PEL73, with hydro census and water quality sampling in Kavango East and West;
  • Advanced planning for 20 additional permitted community water wells, including hydro census and assessment of groundwater resources;
  • Eight locations for community water wells being prepared to drill;
  • Conducting research in collaboration with stakeholders to select locations for an additional 12 community potable water wells (in addition to four community water wells already drilled and donated by ReconAfrica);
  • Over all, the company will make a difference with respect to access to potable water in more than 24 communities within East and West Kavango;
  • Continuing collaboration with the Namibian Ministry of Water, Agriculture and Land Reform (MAWLR) and other stakeholders as part of a new private-public committee to address water-related issues;
  • Engaging women and young adults to be part of the consultation and fact-finding process.

Wildlife -- steps taken:

  • Initiated wildlife surveys in advance of ReconAfrica's newly launched 2-D seismic program and initiated continuing monitoring throughout the seismic data-gathering area;
  • Initiated wildlife surveys as part of planning for future drilling operations;
  • Planned mitigation strategy during drilling and seismic activities, including potential deviation when required due to wildlife presence and movement;
  • Collaboration with Kavango East conservancies to gather data and help to implement wildlife surveying and monitoring requirements; implementation plans for further conservancy interaction and sharing of key data; conservancy teams will hold the data to update wildlife registries;
  • Collaboration with conservancies to counter effects of poaching and support efforts to promote wildlife repopulation in the Kavango region.

Reforestation -- steps taken:

  • Initiated data gathering on feasible nursery and incubation trials to address reforestation initiatives throughout its lease area;
  • Planned collaboration with governments, traditional authorities and other stakeholders to develop reforestation plan.

Social initiatives -- steps taken:

  • A $15-million (Namibian) ($1.27-million (Canadian)) contribution to support national COVID-19 relief efforts as the pandemic continues to surge in Namibia as part of its health and well-being goals;
  • Continued local hiring, with 306 Namibian residents now employed by ReconAfrica subsidiary Reconnaissance Energy Namibia (REN);
  • Skill transfer initiative, under which 32 Namibian residents are receiving basic training in a wide range of practical disciplines;
  • Working with the Kavango East and West governors to support their tertiary education support initiative;
  • Continuing engagement and communication, in local languages, with stakeholders and traditional authorities in project impact areas;
  • Continuing stakeholder issues monitoring and tracking; ReconAfrica/REN operations team commitment to timely management and resolution of stakeholder issues.

"ESG is a long-term process and a constant commitment. ReconAfrica works each day toward our ESG goals, and we're pleased to demonstrate progress on many critical initiatives on that journey. Our goal -- and the ultimate outcome of a successful ESG program -- is to ensure ReconAfrica is a positive contributor to Namibia in all ways -- environmentally, socially and economically," said Scot Evans, chief executive officer of ReconAfrica.

To date, ReconAfrica has dedicated $112-million (Namibian) ($9.46-million (Canadian)) toward its ESG initiatives.

The company's ESG progress will be tracked and measured on a continuing basis, and will continue to evolve, as the company expands its activities in Namibia and Botswana. These indicators will be influenced by both operational developments and feedback from a range of Namibian, Botswanan and international stakeholders and ESG experts.

ReconAfrica is also developing plans to implement its own carbon-neutral objectives to address national net-zero carbon emission targets and to align with Namibian and Botswanan goals. The company has initiated analysis of greenhouse gas emission tracking for continuing and planned operations.

Future goals are also likely to be shaped by carbon-reduction commitments established by various levels of governments in the company's operating regions. ReconAfrica continually updates key parties in the Canadian government, both in Canada and with the Canadian High Commission in South Africa.

ReconAfrica plans to issue regular ESG updates, reporting on measured indicators and progress toward its goals, commitments and sustainable development plans.

About Reconnaissance Energy Africa Ltd.

ReconAfrica 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, ReconAfrica 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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