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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 182,182,650
Close 2021-09-23 C$ 6.34
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Reconnaissance receives petroleum licence extension

2021-09-23 13:10 ET - News Release

Mr. Scot Evans reports

RECONAFRICA GRANTED A ONE YEAR EXTENSION ON THE FIRST RENEWAL PERIOD FOR PETROLEUM EXPLORATION LICENCE (PEL) 73 DUE TO COVID-19 RELIEF

Reconnaissance Energy Africa Ltd. and its joint venture partner, NAMCOR (the state oil company of Namibia), have received approval from the Ministry of Mines and Energy (MME) for a one-year extension on the first renewal period from Jan. 29, 2022, to Jan. 29, 2023, relating to the approximate 6.3-million-acre (PEL) 73 exploration licence, due to the impacts of the COVID-19 pandemic on the company's operations.

Scot Evans, Reconnaissance Energy chief executive officer, said: "I appreciate the MME recognizing the challenges COVID-19 has had on our operations by granting the extension to the first renewal period. I would also like to take the opportunity to recognize the efforts of the ReconAfrica team in adapting and minimizing the impacts the COVID-19 pandemic has had on the people of Namibia and our operations."

The Ministry of Mines and Energy of Namibia is the state's lead agency in attracting private investment in resources exploration and development through the provision of geo-scientific information on minerals and energy resources and management of an equitable and secure titles systems for the mining, petroleum and geothermal industries. It also carries prime responsibility for regulating these extractive industries and ensuring that safety, health and environmental standards are consistent with the relevant state and commonwealth legislation, regulations and policies.

Environmental, social and governance

In addition to the four solar-powered community water wells previously drilled, Reconnaissance Energy, working with local and state water authorities, has now drilled and completed four more solar powered water wells in rural areas of the Kavango East region in which the company operates. The company's Namibian water well drilling and installation contractors, Aqua Drilling and Leben Technical Services, have now commenced drilling four more community water wells in the Kavango West region in which Reconnaissance Energy also operates.

Reconnaissance Energy continues its commitment to local hiring with over 300 Namibian residents which have been employed to date. The company has a strong commitment to gender diversity and continues to increase the number of women hired locally.

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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