ReconAfrica Announces Independent 3rd Party Oil and NG Report

Source: 5/12/2022, Location: Africa

Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) announces the filing of the first prospective resource report for certain leads in the Kavango Basin, onshore Namibia, dated April 27, 2022, with an effective date of December 31, 2021 (the "Resource Report"). The full details of the Resource Report can be found on SEDAR or on the Company’s website via the following – SEDAR.

ReconAfrica, engaged Netherland, Sewell & Associates, Inc. (“NSAI”), an independent qualified reserves evaluator based in Texas, to prepare a report (“NSAI Report”), relating to the Company’s prospective resources on the Company’s licences located in Northeast Namibia as of December 31, 2021.

A prospective resource is an estimate of what may be recovered if a discovery is made and developed, but not all exploration projects will result in discoveries, and not all discoveries will be developed. The prospective resource report includes 35 leads located in petroleum exploration licence (PEL) 73 in northeast Namibia, based on data acquired in 2021 including the first phase of 2D seismic data (approximately 450km), and information from the first two wells drilled in the Kavango basin (the Kawe 6-2 and Mbambi 6-1 wells). The prospective resources on the properties described in the report represent an initial 5.3 billion barrels of oil in place and are estimates only. Actual prospective resources on these properties may be greater or less than those estimated.

Currently, the Company is preparing for a multi-well drilling program and is in the process of acquiring the first of two additional phases of 2D seismic on PEL 73. The 2022 capital program is anticipated to identify additional prospective resources that will be incorporated into future reports. Additional phases of 2D seismic combined with the drilling of additional wells is also expected to adjust the risks associated with gross recoverable prospective resources.

The Company continues advanced planning and permitting for the first well of the 2022 stratigraphic test well drilling program and is on track to commence drilling later this quarter. The second phase of 2D seismic data acquisition, approximately 600 kms continues, with over 60% of the program complete and anticipated to wrap up in early June 2022. Results to date have yielded high quality data with improved efficiency and continued safe operations. Simultaneous with the second phase, the Company is planning a third phase of 2D seismic acquisition which is targeted to start later in 2022 subject to permitting approval. The combination of these additional phases of seismic acquisition will add over 1,000 linear kilometers of high quality 2D seismic data to our increasing understanding of the Kavango Basin.

ReconAfrica acknowledges the outstanding contribution made by Polaris Natural Resources Inc, of Calgary, Alberta, the principal seismic acquisition contractor, to the success of this seismic campaign.

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