RECONNAISSANCE EGY AFRICA - RECAF STOCK NEWS

ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has provided an operations update for its Petroleum Exploration Licence 73 (PEL 73) in northeast Namibia. The Naingopo exploration well is currently drilling at 1,450 meters, on schedule and budget, targeting 181 million barrels of unrisked prospective light/medium oil resources or 937 billion cubic feet of natural gas. The well is expected to reach 3,800 meters by early October.

Construction has begun on the access road for Prospect P, the second Damara Fold Belt exploration well, targeting 309 million barrels of oil or 1.6 trillion cubic feet of gas. Drilling is set to commence in Q4 2024. Additionally, ReconAfrica is testing vibroseis technology for potential 3D seismic acquisition in the Kavango Rift Basin, with plans for a possible program in 2025.

ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has entered into a definitive farm down agreement with BW Energy (OSE: BWE) for the sale of a 20% working interest in Petroleum Exploration Licence 73 (PEL 73) in northeast Namibia. The agreement, announced on July 30, 2024, follows the terms outlined in the July 16, 2024 press release. CEO Brian Reinsborough highlighted the swift completion of the agreement, emphasizing the upfront cash for the multi-well drilling program and significant cash for development expenditures while maintaining a high working interest for ReconAfrica and its shareholders. The transaction is expected to close before October 31, 2024, pending regulatory approvals from Namibian authorities and the TSX Venture Exchange.

ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has filed annual disclosure documents for the year ended March 31, 2024. Key highlights include:

1. Sale of Renaissance Oil for C$10.3 million, discharging C$100 million in liabilities.
2. Approval for Second Renewal Exploration Period in Namibia.
3. Completion of 2,767 km of 2D seismic acquisition.
4. Spudding of Naingopo exploration well on July 7, 2024, targeting 181 million barrels of unrisked prospective oil resources.
5. NSAI Report highlighting 19.6 billion barrels of undiscovered original oil-in-place.
6. Net income of C$41 million for the year.
7. MOU with BW Energy for a 20% working interest in PEL 73, including a US$16 million equity investment.

The company has streamlined operations, enhanced governance, and is now positioned as an onshore pure play in West Africa.

ReconAfrica (TSXV: RECO, OTCQX: RECAF) and its joint venture partner NAMCOR have announced the spudding of the Naingopo exploration well on Petroleum Exploration Licence 73 (PEL 73) in northeast Namibia. The well, the first in a multi-well campaign, aims to reach a depth of 3,800 meters (12,500 feet) within 90 days. The Naingopo well targets 163 million barrels of unrisked prospective oil resources or 843 billion cubic feet of unrisked prospective natural gas resources, potentially unlocking up to 3.1 billion barrels of oil or 18 trillion cubic feet of natural gas. ReconAfrica also reported progress in its joint venture process and raised approximately $1.9 million from warrant exercises, with potential proceeds of $35 million from in-the-money share purchase warrants.

Reconnaissance Energy Africa (ReconAfrica) has provided an update on their operations and joint venture activities. The company has finished relocating all necessary camp, rig, and equipment for the Naingopo exploration well in northeast Namibia, with a planned spud date of July 7, 2024. Site preparation and mobilization tasks are ongoing, aligning with the scheduled timeline. Additionally, preparations for the Prospect P well pad construction are underway, with spud planned immediately after the Naingopo well's completion. The joint venture process is advancing, with expectations of finalizing soon.

On June 19, 2024, Reconnaissance Energy Africa (ReconAfrica) disclosed the grant of incentive stock options to directors, officers, employees, and consultants. These options allow the recipients to acquire a total of 5,800,000 common shares at an exercise price of $1.40 per share. The options are exercisable until June 19, 2029, and are subject to specific vesting provisions and resale restrictions until October 19, 2024, as per the TSX Venture Exchange policies.

Reconnaissance Energy Africa (RECAF) has provided an update on its operations and joint venture activities related to Petroleum Exploration Licence 73 in northeast Namibia.

The maintenance of the Jarvie-1 drilling rig is complete, and it is relocating to the Naingopo location, targeting a spud by month-end. The well aims to explore multiple reservoir intervals in the Damara Fold Belt, with drilling expected to take 90 days.

The company has mapped additional four prospects and 20 leads in the area. The joint venture process is nearing completion, anticipated before the drilling starts.

The Naingopo well targets 163 million barrels of unrisked prospective oil resources or 843 billion cubic feet of unrisked prospective natural gas resources as per the NSAI Report dated March 12, 2024.

On June 6, 2024, Reconnaissance Energy Africa (ReconAfrica) announced changes to its Board of Directors. Craig Steinke, the founder of ReconAfrica, retired as Chairman and Director, effective immediately. He is succeeded by Diana McQueen, Senior Vice President of Stakeholder Relations & Communications, who has been appointed as the new Chair. Additionally, D. Jeffrey Harder has joined as an independent director and Chair of the Audit Committee.

Mr. Steinke played a important role in the company's development, including key acquisitions and social initiatives in Namibia and Botswana. Ms. McQueen brings extensive governance experience from her tenure in various ministerial roles in Alberta, Canada. Mr. Harder brings over 40 years of financial expertise, having held strategic governance roles at Deloitte LLP. The new appointments aim to strengthen ReconAfrica's governance structure and support its upcoming multi-well drilling campaign.

Reconnaissance Energy Africa (ReconAfrica) has issued an update on their operations, joint venture process, and the termination of their contract with FTB Capital. The company is preparing for the June 2024 drilling of the Naingopo exploration well in Namibia's Damara Fold Belt, targeting significant oil and gas resources. Advanced planning is also underway for a second well, Prospect P. ReconAfrica has progressed in negotiations with potential joint venture partners and expects to finalize agreements soon. Additionally, the company terminated its marketing agreement with FTB Capital on May 10, 2024.