Reconnaissance Energy Africa Ltd.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum licenses comprising ~8.1 million contiguous acres.

ReconAfrica works with national and regional governments, Traditional Authorities and their communities amongst other stakeholders to explore the oil and gas potential of Petroleum Exploration Licence 073 (PEL 073) in northeast Namibia and Petroleum Exploration Licence 001 (PEL 001) in northwest Botswana.

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.

OPERATIONS

In 2024, two Damara Fold Belt drilling locations will target large anticlinal structures with the purpose of achieving commercial levels of oil and natural gas production.

ReconAfrica (70% working interest) along with BW Energy Limited (20% working interest) and NAMCOR (10% carried working interest), are working together on the 2024 drilling program and other exploration activities.

Near Term Catalysts and Timeline for Drilling Activity

• The first exploration well, Naingopo, was spud in early July 2024. Kambundu is expected to spud following the completion of the Naingopo exploration well.
• Received Environmental Clearance Certificate “ECC” to drill up to 12 wells to July 2026
• ReconAfrica owns a 1,000 horsepower conventional drilling rig, the Jarvie-1
• Rig ownership reduces drilling costs by up to 50% and provides control on schedule
• Experienced drilling crew operate the well, working with world class third party service providers
• Rated to drill up to ~13,000 vertical feet

The right rig for Damara Fold Belt and Rift Basin wells. The rig is mobile, suitable for desert conditions and designed for drilling into conventional formations.

Exploration Activities

The Naingopo well is targeting 181 million barrels of unrisked prospective light/medium oil resources⁽¹⁾ or 937 billion cubic feet of prospective natural gas resources⁽¹⁾, on a 100% working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates, Inc. (“NSAI”). The well is targeting to drill to a depth of approximately 3,800 metres or 12,500 feet and is expected to encounter five primary Otavi reservoir intervals targeting both oil and natural gas. If successful, the well would be a major play opening discovery providing access to multiple drill ready prospects.

Elsewhere on PEL 73, the Company continues to make progress in the construction of the access road and the construction of the well pad for the second Damara Fold Belt exploration well, Kambundu (Prospect P), which is expected to start drilling in late November or early December 2024. Kambundu (Prospect P) is targeting 309 million barrels of unrisked prospective light/medium oil resources⁽¹⁾ or 1.6 trillion cubic feet of prospective natural gas resources⁽¹⁾, on a 100% working interest basis, based on the most recent prospective resources report prepared by NSAI.

⁽¹⁾ There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resources are those quantities of oil or gas estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are the arithmetic sum of multiple probability distributions. Unrisked prospective resources are estimates of the volumes that could reasonably be expected to be recovered in the event of the discovery and development of these prospects.

ReconAfrica recently received the Environmental Clearance Certificate (“ECC”) for the undertaking of a 3D seismic survey operation on PEL 73. This program is expected to be acquired in the first quarter of 2025, targeting the prospective Kavango Rift Basin play.

(See news release dated October 3, 2024)

Investment Highlights

Experienced Management Team

• Seasoned exploration team with track record of finding Oil and Gas
• Experience in Rift Basin and Fold Belt exploration

Near Term Catalysts

• Naingopo Exploration Well Drilling

Attractive Risk Profile

• Proven petroleum systems with oil in stratigraphic wells and gas seeps
• Multi-play, multi-well exploration portfolio

Risk Mitigation

• Portfolio approach reduces single well failure and increases chance of success through multiple drilling opportunities

Damara Liquid Potential

• NSAI Damara Report highlights significant oil potential in the Damara Fold Belt

Pure Play Namibia Energy

• ReconAfrica represents pure play, public investment exposure to Namibia's energy sector

Management

Executive Leadership Team, Directors and Advisors

Brian Reinsborough, President and Chief Executive Officer

Deepwater Industry thought leader, with over 35 years of experience including 20 years in deepwater Gulf of Mexico with a successful track record of building DW companies; made over 18 discoveries in his career including 2 significant discoveries.

Chairman and CEO Venari Resources; President and CEO of Nexen USA.

Discovered over 2.5 billion of barrels of oil in his career and raised over $2.5 billion of equity over course of career.

Chris Sembritzky, Senior Vice President of Exploration

An experienced geologist with a track record of international exploration, appraisal and development programs with significant business development experience.

Over a 20-year career at Anadarko he worked in over forty countries.

Former Vice President of International Exploration, Business Development and New Ventures.

Adam Rubin, General Counsel

Over 25 years of legal, commercial, strategic and executive experience in the oil and gas industry. He has provided insight and advice to public CEOs, Board Chairs and executive management teams.

Gitane De Silva, Senior Vice President of ESG, Communications & Stakeholder Relations

A respected public policy and regulatory leader with over 20 years' executive experience at the provincial, national and international levels.

Deep expertise in the areas of energy, environment, trade and infrastructure.

Former CEO of the Canada Energy Regulator, A former diplomat and Deputy Minister of International and Intergovernmental Relations for the Province of Alberta.

Nick Steinsberger, Senior Vice President of Operations

35 years of Petroleum Engineering experience in Drilling and Completions.

Drilled and completed over 1,200 vertical and horizontal wells throughout North America and worked in most shale basins active today.

Carlos Escribano, Chief Financial Officer

Over 15 years of experience serving the resource industry as CFO for several publicly traded multi-national corporations.

Hon. Diana Mcqueen, Chair

Has energy and environmental public policy experience from regional, provincial and international levels.

Currently serves as a director of MEG Energy

Dr. Joseph R. Davis, Director

40 years of experience as an oil and gas geologist focused on reserve estimation and understanding exploration risk.

D. Jeffrey Harder, FCPA, FCA, FCBV, ICD.D., Director

More than 40 years' experience as a financial professional with a focus on the energy and mining sectors.

Iman Hill, Director

A Petroleum Engineer with over 30 years' experience in the oil and gas industry with extensive global expertise in the technical and commercial aspects of the petroleum business.

Jim Ohlms, Senior Commercial Advisor

Highly experienced professional with strong petroleum engineering foundation and over 30 years of experience

Rodney Kirkland, Senior Geoscience Advisor

Geoscientist with over 25 years' experience in petroleum systems, prospect generation, and drilling operations

News Update

On July 02, 2025, The Globe and Mail reports in its Wednesday edition that an office created by the Trudeau government to crack down on abuses by Canadian corporations abroad has been without a permanent head for more than a year, with the position now vacant and the future of the watchdog under review. The Globe's Tavia Grant writes that the federal government launched the Canadian Ombudsperson for Responsible Enterprise (CORE) in 2019, calling the office the first of its kind in the world. It is tasked with probing allegations of human-rights abuses and environmental harms by Canadian companies operating overseas in the mining, oil and garment sectors. Complaints have been filed to CORE, including one concerning Calgary-based Reconnaissance Energy Africa. Lawyer James Yap and a team spent six months putting together a 187-page complaint, filed to CORE last April, alleging human-rights violations in Namibia, filed by two organizations -- one in Namibia, and the other the International Human Rights Program at the University of Toronto's faculty of law. The complaint alleges that the oil exploration activities of Calgary's ReconAfrica have damaged homes, harmed subsistence crops and destroyed land without the consent of local communities.

On June 23, 2025, Reconnaissance Energy Africa Ltd. prospectus approved

Financing type: overnight marketed prospectus offering

Gross proceeds: $18,975,000

Offering: 37.95 million listed shares with 37.95 million warrants

Offering price: 50 cents per listed share

Warrant exercise terms: 60 cents per listed share for a two-year period

Overallotment option: The underwriters may purchase a maximum of 4.95 million listed shares and 4.95 million warrants for overallotment purposes. As of June 17, 2025, such option has been exercised in full. All information presented herein includes such exercise.

On June 05, 2025, In connection with Reconnaissance Energy Africa Ltd.'s previously announced overnight marketed public offering of units of the company, it has increased the size of the offering due to strong investor demand and has entered into an underwriting agreement with Research Capital Corp. as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and Haywood Securities Inc., pursuant to which the underwriters have agreed to purchase 33 million units at a price of 50 cents per unit for aggregate gross proceeds of $16.5-million.

On June 04, 2025, Reconnaissance Energy Africa Ltd. has entered into an agreement with Research Capital Corp. as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and Haywood Securities Inc., for an overnight marketed public offering of units of the company at a price of 50 cents per unit for aggregate gross proceeds to the company of $10-million.

The net proceeds from the offering will be used for exploration activities, working capital and general corporate purposes. The primary exploration activity to be financed with net proceeds from the offering will be the drilling of Prospect I, which has been named the Kavango West 1X well. Work on the access road and drill site is currently being completed while the company awaits receipt of the remaining requisite permits. The rig move to the Kavango West 1X well drilling location is scheduled in late June, with drilling to begin thereafter.

Brian Reinsborough, president and chief executive officer of ReconAfrica, stated: "We are excited to spud one of the company's largest and most attractive prospects, Kavango West 1X. The results of the Naingopo exploration well, announced in January, 2025, increased our confidence in the potential for this well. Our teams remain very engaged with local communities and authorities to ensure a safe and efficient operation of this well."

On May 29, 2025, Reconnaissance Energy Africa Ltd. announced the filing of its fiscal first quarter disclosure documents for the three-month period ended March 31, 2025, including the unaudited consolidated financial statements and Management's Discussion and Analysis ("MD&A"), which are available on SEDAR+ at www.sedarplus.ca .

Brian Reinsborough, President and CEO of the Company commented: "ReconAfrica continues to move Prospect I toward spud and management remains excited about this exploration target, which is our largest prospect to be drilled to date. On trend with the Naingopo and Prospect I locations, the Company recently gained access to over five million acres in Angola, and we look forward to working with our partner, ANPG to explore this acreage. Management recognizes its responsibility to all stakeholders to steward the evaluation and exploration process of this vast portfolio with the utmost care. We are keen to continue our work with shareholders, local government, joint venture and community partners."

Selected Highlights: For the first quarter ended March 31, 2025, and subsequent period, we announced:

• On January 29, 2025, the Namibian Ministry of Mines & Energy approved the previously announced farm-down agreement with BW Energy (“BW”) acquiring a 20% WI in Petroleum Exploration License 073 (“PEL 73”).
• On January 30, 2025, results from the Naingopo exploration well on PEL 73 aided the Company with the selection of Prospect I as the next drill prospect.
• On April 17, 2025, ReconAfrica entered a Memorandum of Understanding (“MOU”) with the National Oil, Gas and Biofuels Agency of Angola (“ANPG”), for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. The MOU area, which is contiguous to PEL 73 in Namibia, added 5.2 million acres of exploration lands to the Company’s exploration portfolio.
• On April 30, 2025, an updated NSAI Report was filed on SEDAR+ at www.sedarplus.ca.
• On May 21, 2025, Mark Friesen, CFA joined the Company as Managing Director, Investor Relations and Capital Markets.

On May 21, 2025, Reconnaissance Energy Africa Ltd. has provided an update to its investor relations contact, an update on the transaction with Namcor Exploration and Production Pty. announced in the company's news release dated Sept. 22, 2022, and that it intends to extend the expiry date of certain common share purchase warrants of the company.

Update to investor relations contact: Grayson Andersen has left ReconAfrica to pursue new career opportunities. The company, its board of directors and management thank Mr. Andersen for his contributions and wish him the best in his future endeavours. Effective immediately, Mark Friesen has joined ReconAfrica as managing director, investor relations and capital markets, and is based in Calgary. Mr. Friesen has extensive energy finance and investor relations experience in the Canadian and United States markets.

Update on Namcor transaction: The company and Namcor have not yet completed the transaction pursuant to the definitive purchase and sale agreement announced Sept. 22, 2022, but report that discussions are continuing.

Proposed warrant extension: The company intends to extend the expiry date of an aggregate 6,795,454 outstanding common share purchase warrants of the company by 18 months to Jan. 18, 2027, and an aggregate 1,071,500 outstanding common share purchase warrants of the company by 18 months to Feb. 1, 2027.

On April 30, 2025, Reconnaissance Energy Africa Ltd. announced the filing of annual disclosure documents for the nine-month period ended December 31, 2024, including the audited consolidated financial statements, Management's Discussion and Analysis ("MD&A"), Annual Information Form ("AIF"), statement of reserves data and other oil and gas information under National Instrument 51-101 ("NI 51-101 Report"), and updated report of Netherland, Sewell & Associates, Inc. ("NSAI"), an independent qualified reserves evaluator, entitled "Estimates of Prospective Resources to the Reconnaissance Energy Africa Ltd. Interest in Certain Prospects and Leads located in Petroleum Exploration Licence 73 ("PEL 73"), Kavango Basin, Namibia, as of December 31, 2024" (the "NSAI Report").

Brian Reinsborough, President and CEO of the Company stated: "Last year was another transformational year for ReconAfrica as we progressed all aspects of our strategic goals. We completed our farm down transaction with BW Energy Ltd. which was a significant milestone for the Company. We also released our first sustainability report and drilled our first Damara Fold Belt well safely and without incident. The Naingopo exploration well demonstrated the liquid hydrocarbon potential of the Damara Fold Belt. We are looking forward to 2025 being another successful year with drilling our highly anticipated Prospect I and commencing our planned 3D seismic program in Namibia. Work is well underway to prepare for drilling Prospect I, which is expected to spud later this quarter. I am excited about Prospect I as this is the best risked exploration well drilled to date by the Company."

On April 17, 2025, Reconnaissance Energy Africa Ltd. has signed an agreement for a joint exploration project in Angola with the Agencia Nacional de Petroleo, Gas e Biocombustiveis (ANPG), or National Oil, Gas and Biofuels Agency.

ReconAfrica has entered into a memorandum of understanding (MOU) with ANPG for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. ANPG is Angola's national concessionaire and regulator.

The agreement is a strategic addition to the company's asset portfolio, which creates an opportunity for early entry into onshore Angola at a low cost, with minimal work commitments. It complements ReconAfrica's activities in Namibia and highlights the potential of the Damara fold belt and rift basin by adding 5.2 million acres in Angola to the existing 6.3 million acres in Namibia in the highly prospective Damara fold belt and rift basin exploration plays.

Brian Reinsborough, president and chief executive officer of ReconAfrica, stated: "The encouraging technical results from our recent Naingopo exploration well on PEL 73 [petroleum exploration licence], onshore Namibia, have strengthened our belief in the significant hydrocarbon potential of the Damara fold belt play. Our regional geological models indicate that the promising fold belt play, known for hosting some of the world's largest fields and covering extensive areas, likely extends into Angola.

"As a result, we are excited to be entering into a strategic MOU with ANPG. Recent regulatory reforms make Angola an attractive jurisdiction for new oil and gas exploration, and we look forward to working with ANPG and Sonangol as we progress our exploration initiatives.

"This significant transaction underscores the company's strategic focus and complements our activities in Namibia, highlighting the potential within both the Damara fold belt and rift basin plays. It also aligns with our focus on creating significant value for our shareholders as an early mover into prospective hydrocarbon basins with significant acreage positions. We look forward to implementing our ESG [environmental, social and governance] and community outreach programs and creating employment for the people of the Okavango region."

On April 10, 2025, Reconnaissance Energy Africa Ltd. has provided a drilling update on prospect I.

Prospect I is located onshore Namibia in petroleum exploration licence 73 and is the company's largest prospect to be drilled so far. It is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or 1.9 trillion cubic feet of unrisked and 140 billion cubic feet of risked prospective natural gas resources, on a 100-per-cent working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates Inc. (NSAI), an independent qualified reserves evaluator. Prospect I is noted as location 63 in the NSAI report.

Brian Reinsborough, president and chief executive officer of ReconAfrica, stated: "We are excited to be making great progress ahead of drilling one of the company's largest and most attractive prospects. The results of the Naingopo exploration well announced in January, 2025, increased our confidence in the potential for prospect I. We remain on track to spud the well this quarter and are looking forward to unlocking the significant potential of the Damara fold belt."

On March 20, 2025, Reconnaissance Energy Africa Ltd. has accelerated the start of drilling into the second quarter of 2025, and has provided a corporate update.

Brian Reinsborough, president and chief executive officer, commented: "We have made great progress in getting prospect I ready to drill and, as a result, we are accelerating the spud date into Q2 2025. Our in-country teams have commenced community engagement, surveying, debushing and demining activities, which will be followed by construction of a 10-kilometre road and drill pad site.

"Prospect I is one of the largest mapped structures in the Damara fold belt, is well imaged from 2-D [two dimensional] seismic, and demonstrates a four-way dip closure in which we expect to penetrate over 1,500 metres of Otavi reservoir. Drilling at the prospect I location has been significantly derisked by the results of our first Damara fold belt well, Naingopo, which encountered reservoir in the Otavi carbonates, hydrocarbon shows and oil to surface. We are excited to drill this follow-on exploration well as we continue to look to unlock the significant hydrocarbon potential of the Damara fold belt."

On February 11, 2025, Reconnaissance Energy Africa Ltd. will hold a webinar and conference call for investors and analysts on Thursday, Feb. 13, 2025, at 11 a.m. ET. Participants will include Brian Reinsborough, president and chief executive officer, and Chris Sembritzky, senior vice-president, exploration.

Investors and analysts are encouraged to submit questions to be answered on the call to investors@reconafrica.com before Thursday, Feb. 13, 2025.

Investors and analysts are invited to participate by dialling 1-888-510-2154 (toll-free North America).

On January 30, 2025, Reconnaissance Energy Africa Ltd. has released the results of the Naingopo exploration well within the Damara fold belt on petroleum exploration licence 73 (PEL 73), onshore Namibia. Highlights of the Naingopo well:

• Encountered over 50 metres of net reservoir in the Otavi group, derived from log analysis and indications of oil, which will be further confirmed from side wall cores;
• Indications of oil observed from the Damara fold belt;
• Follow-on drilling in the Damara fold belt is accelerated to drill prospect I ahead of Kambundu, which is expected to spud in July, 2025.

Brian Reinsborough, president and chief executive officer of the company, stated: "We are excited about the results of this well, which opens the play and demonstrates a working petroleum system within the Damara fold belt. The importance of finding over 50 metres of net reservoir with indications of oil in this well is significant. The primary objective in the Otavi above the main fault was not penetrated due to seismic uncertainties; however, the Otavi was penetrated at predicted depth below the main fault, which contained evidence of oil. Further drilling is planned to delineate the full extent of the Damara fold belt play. Multiple indications of oil were encountered in the Naingopo well, and we plan to continue to analyze all fluid and rock samples, which may take several months. Based on our technical learnings from the Naingopo well results, we have further derisked prospect I and plan to drill this prospect ahead of Kambundu."

On January 29, 2025, Further to its press releases dated July 16, 2024, and July 30, 2024, Reconnaissance Energy Africa Ltd. has completed the farm-down agreement with BW Energy Ltd. The sale of a 20-per-cent working interest in petroleum exploration licence 73 (PEL 73), in northeastern Namibia, has been approved by the Namibian Ministry of Mines and Energy (MME) and NAMCOR Exploration and Production Pty. Ltd. The working interests in PEL 73 are now:

• ReconAfrica (operator) -- 70-per-cent working interest;
• BW Energy -- 20-per-cent working interest;
• NAMCOR -- 10-per-cent working interest.

Brian Reinsborough, president and chief executive officer of ReconAfrica, commented: "We are pleased to have received all the necessary approvals for the completion of our strategic farm-down agreement with BW Energy on PEL 73. We look forward to working with BW Energy as we continue to explore the Damara fold belt and rift basin plays.

"The results of the Naingopo exploration well will be released shortly following third party analysis of our extensive evaluation program, which was undertaken after the completion of drilling operations on the well. Results have been delayed due to transportation of side wall cores and fluid samples over the holiday period. All samples have now arrived with our third parties and are being analyzed."

On January 10, 2025, Reconnaissance Energy Africa Ltd. announced the change of financial year-end.

ReconAfrica, a reporting issuer, is changing its financial year-end from March 31 to December 31. The change in financial year-end has been made to align with industry peers. Further details regarding the change in financial year-end, including the Company's length and ending dates of the Company's financial reporting periods, its interim and annual financial statements to be filed for the Company's transition year and its new financial year, will be available in the Company's Notice of Change of Year-End prepared in accordance with Section 4.8 of National Instrument 51-102, and filed on the Company's SEDAR+ profile, available at www.sedarplus.ca

On November 27, 2024, Reconnaissance Energy Africa Ltd. has reached total depth (TD) of 4,184 metres (13,727 feet) on the Naingopo exploration well on petroleum exploration licence (PEL) 073 onshore Namibia.

Brian Reinsborough, president and chief executive officer of the company, stated: "We are excited to have completed the drilling operations on the Naingopo exploration well, drilling beyond our original projected TD of 3,800 metres. The Naingopo well is the first of several to test the potential resource of the Damara fold belt. We will now commence an extensive evaluation program, which will include wireline logging and coring, modular formation dynamics tester (MDT) sampling and testing of any hydrocarbons present, and a vertical seismic profile (VSP). Our technical team will then assess all data to determine the results, which will assist us in finalizing further plans in the Damara fold belt."

November 5, 2024, ReconAfrica Announces Listing on the Namibian Stock Exchange, Botswana Licence Renewal and an Operational Update

Brian Reinsborough, President and CEO 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 pre-drill preparations continue for the Kambundu well.”

October 3, 2024, ReconAfrica announces an operations update with respect to activities on Petroleum Exploration Licence 073 (“PEL 73”), onshore Namibia and the appointment of Gitane De Silva as Senior Vice President ESG, Communications & Stakeholder Relations.

https://www.reconafrica.com/news-media/news-releases/reconafrica-announces-an-operations-update-and-executive-appointment

August 29, 2024, ReconAfrica Announces an Operations Update, Filing of Quarterly Financial Reports and First Sustainability Report

https://www.reconafrica.com/news-media/news-releases/reconafrica-announces-an-operations-update-filing-of-quarterly-financial-reports-and-first-sustainability-report

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