Reconnaissance Energy - RECAF STOCK NEWS

ReconAfrica has completed drilling operations on the Naingopo exploration well in Namibia, reaching a total depth of 4,184 metres (13,727 feet), exceeding the original target of 3,800 metres. The company will now conduct comprehensive evaluation including wireline logging, coring, MDT sampling, and VSP testing. The Naingopo well targets 181 million barrels of unrisked or 15 million barrels of risked prospective light/medium oil resources, alternatively 937 billion cubic feet of unrisked or 65 billion cubic feet of risked prospective natural gas resources. Preliminary results are expected in the coming weeks, after which the company plans to move to the Kumbundu well location.

ReconAfrica provided an operational update for its exploration activities in Namibia. Key developments include: drilling the Naingopo exploration well at 4,000 meters depth; securing a partnership with BW Energy for a 20% working interest in PEL 73, including a $22M investment and potential $171M in milestone payments; raising $38.8M through a public offering; reducing administrative costs to $3.2M from $4.1M year-over-year; and receiving approval for the First Renewal Exploration Period in Botswana. The company also completed construction activities for the Kambundu exploration well and appointed new directors, including W. Derek Aylesworth and CEO Brian Reinsborough to the Board.

ReconAfrica (TSXV: RECO) (OTCQX: RECAF) has announced key operational updates and financial results for Q2 2024. Highlights include:

1. Drilling of the Naingopo exploration well past 2,400 meters, with primary objectives still ahead.
2. A farm-down agreement with BW Energy, selling a 20% working interest in PEL 73 for $22 million upfront and potential $171 million in contingent payments.
3. Successful fundraising of $56.3 million through public offerings.
4. Reduced G&A costs by $1 million compared to Q2 2023.
5. Enhanced governance with new board appointments.

The company is also set to release its first Sustainability Report. Operationally, the Naingopo well is progressing as planned, and preparations for the Kambundu (Prospect P) well are underway. ReconAfrica remains focused on its multi-well exploration program in Namibia.

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.