Mr. Brian Reinsborough reports

RECONAFRICA ANNOUNCES LISTING ON THE NAMIBIAN STOCK EXCHANGE, BOTSWANA LICENCE RENEWAL AND AN OPERATIONAL UPDATE

Reconnaissance Energy Africa Ltd. has dual-listed on the Namibian Stock Exchange, renewed petroleum exploration licence 001 (PEL 001), onshore Botswana, and provided an operational update with respect to its exploration activities on petroleum exploration licence 073 (PEL 073), onshore Namibia.

Brian Reinsborough, president and chief executive officer of the company, stated: "We are excited to be the first publicly traded oil and gas company listed on the NSX. ReconAfrica has the largest acreage position of any publicly traded pure-play oil and gas exploration company operating onshore Namibia. We have also extended our licence in Botswana under favourable terms. Most importantly, we are now drilling ahead on Naingopo, with operations back to normal and predrill preparations continue for the Kambundu well."

Namibian Stock Exchange listing

ReconAfrica has successfully dual-listed on the NSX, under the symbol REC. There will be no change to ReconAfrica's other listings, including its primary listing on the TSX Venture Exchange. ReconAfrica is the first oil and gas company listed in Namibia and presents an opportunity for local and regional investors to gain direct exposure to this high-growth industry. Cirrus Capital (Namibia) advised the company on the NSX listing and anticipates increased exposure and awareness for ReconAfrica in Namibian and other sub-Saharan Africa capital markets.

Botswana exploration licence

ReconAfrica has been granted approval for the first renewal exploration period by the Department of Mines of the Republic of Botswana for PEL 001 onshore Botswana. The first renewal exploration period covers the period from Oct. 1, 2024, to Sept. 30, 2028, relating to the approximate 1.9-million-acre licence. Under the terms of the first renewal exploration period, the company will be required to undertake various geotechnical evaluations, vegetation mapping, a water study report, methane seep detection activities and an environmental impact study, and provide financing for Botswana petroleum exploration and training. Total minimum required expenditures under the licence over the term represent five million Botswanan pula (approximately $517,500).

Operations update

Following the completion of logging and casing operations and the planned switch to a 10,000-psi (pound per square inch) blowout preventer (BOP) on the Naingopo exploration well, the company required some additional time to replace a hose on the choke manifold. Drilling recommenced in mid-October and is currently drilling ahead at 3,500 metres (11,500 feet). The company expects to complete drilling operations toward its target depth of 3,800 metres (12,500 feet) and will disclose results following a thorough analysis of an extensive logging program and any obtained oil or natural gas samples. If successful, the well would be a major play-opening discovery providing access to multiple drill-ready prospects.

Road construction activities relating to the Kambundu exploration well (prospect P) are nearing completion, and well site construction is well advanced. The company anticipates moving to the Kambundu exploration well following the complete analysis of the results of the Naingopo exploration well.

The company is also progressing its planned three-dimensional seismic survey on PEL 073, where it will acquire 500 kilometres of 3-D seismic data over the prospective Kavango rift basin play. Acquisition of this survey is expected to occur in mid-2025, and this will be Namibia's first 3-D seismic survey acquired onshore.

About Reconnaissance Energy Africa Ltd.

ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara fold belt and the Kavango rift basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the company holds petroleum licences comprising approximately eight million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and will implement environmental and social best practices in all of its project areas.

We seek Safe Harbor.