RECONAFRICA ANNOUNCES CHANGES TO ITS BOARD OF DIRECTORS

Rhea-AI Summary

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.

Positive

• Appointment of Diana McQueen as Chair, bringing extensive governance experience.
• Appointment of D. Jeffrey Harder as independent director and Chair of the Audit Committee, enhancing financial oversight.
• Strategic positioning for an upcoming multi-well drilling campaign.
• Successful social initiatives, including the drilling of 36 community water wells and provision of 17 scholarships in Namibia.
• Strengthened governance structure and broadened core competencies with new board appointments.

Negative

• Retirement of Craig Steinke, a pivotal figure in the company's development.
• Potential disruption or transition challenges with new leadership.
• Uncertainty regarding the immediate impact of leadership changes on ongoing projects.

VANCOUVER, BC, June 6, 2024 /PRNewswire/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) announces changes to its Board of Directors, including the retirement of Chairman Craig Steinke, the appointment of the Honourable Diana McQueen as Chair and the appointment of D. Jeffrey Harder as a new independent director and Chair of the Audit Committee.

Changes to the Board of Directors

Mr. Craig Steinke, the founder of ReconAfrica, is retiring as a director and Chair of the Board. Mr. Steinke has been a director and Chair since January 2022. Mr. Steinke played a pivotal role in the development of ReconAfrica including the acquisition of Petroleum Exploration Licence ("PEL") 073 in Namibia and PEL 001 in Botswana, the acquisition of the Jarvie-1 drilling rig and the drilling of three stratigraphic test wells. In addition, he was involved in extensive environmental, social and governance initiatives including the drilling and installation of 36 community water wells and the provision of 17 post-secondary scholarships for students from the Kavango regions and SAN community. The Company thanks Mr. Steinke for his major contributions to ReconAfrica. Mr. Steinke's retirement as director and Chair of the Board is effective immediately. 

Joining the Board of the Company as a director and Chair is the Honourable Diana McQueen, ECA, ICD.D, currently Senior Vice President of Stakeholder Relations & Communications of the Company since April 2021. Diana held senior level Alberta provincial cabinet roles from 2008 to 2015, including Minister of Energy, Minister of Environment & Sustainable Resource Development/Forestry and Climate Change, and Minister of Municipal Affairs. Ms. McQueen has extensive board governance experience and is currently a director of MEG Energy Corp. 

Also joining the Board of the Company as an independent director and Chair of the Audit Committee, is D. Jeffrey Harder, FCPA, FCA, FCBV, ICD.D. Mr. Harder has more than 40 years' experience as a financial professional with a focus on the energy and mining sectors. Mr. Harder was previously a partner with Deloitte LLP before his retirement from the firm where he held strategic governance and operational positions including Canada business leader and Americas business leader. Mr. Harder is currently a director of MCF Energy Ltd. 

Craig Steinke, Retiring Chair commented: "Founding ReconAfrica in 2013, and discovering the Kavango basin has been a major highlight in my professional career. The original concept where the unexplored Kavango basin held a working petroleum system was proven through the drilling of ReconAfrica's first three test wells in the basin. Acquiring the Jarvie-1 drilling rig in 2019 was a timely acquisition which provided the Company with much needed drilling flexibility and will continue to be a strategic asset going forward. I am equally proud of the social initiatives we have undertaken in Kavango East and Kavango West. Drilling the solar powered community water wells has positively impacted the lives of over 10,000 people by providing access to fresh drinking water as well as helping to alleviate the human crocodile conflict along the Kavango River. I would like to welcome both Diana McQueen and Jeffrey Harder to the Company's Board of Directors. Diana joined the Company three years ago and within this time we have spent many days working in Namibia together. Diana has played an integral role in successfully ingratiating the Company with the local communities throughout the Kavango regions. With Diana's hands on knowledge of the Company, combined with her corporate governance experience, she will make an excellent Chair of the Board. Jeffrey Harder, a former partner of Deloitte Canada brings 40 years of financial knowledge and oversight to the Board along with a wealth of experience in governance. Jeffrey, as independent director, will take the leading role as Chair of the Audit Committee. ReconAfrica is now strategically positioned for an upcoming multi-well drilling campaign where the Company plans to drill exploration wells in both the Damara Fold Belt and the Kavango Rift Basin plays. I am confident Brian and the executive leadership team will guide ReconAfrica to commercial discoveries in support of Namibia's goal for energy independence."

Diana McQueen, Chair commented: "I would like to thank Craig for his outstanding leadership and stewardship of ReconAfrica over the years. It was his visionary leadership to see the potential for a sedimentary basin in a previously unexplored part of the world. I would also like to welcome Jeffrey Harder to the Board of Directors. His distinguished career at Deloitte LLP has provided him with the experience necessary to fill the critical role of Chair of the Audit Committee. In addition to my role as Chair, I will continue to fulfill my role as Senior Vice President of Corporate Communications and Stakeholder Relations as we prepare for the drilling of the Naingopo and Prospect P exploration wells in the Damara Fold Belt until a suitable replacement has been found."

Brian Reinsborough, President and CEO commented: "We would like to thank Craig for his years of leadership and service in founding ReconAfrica.  I have enjoyed working with Craig over the last 10 months and we both share a common vision to grow ReconAfrica into an enterprise of scale.  The Company is well positioned to execute an exciting exploration drilling program.  Both Craig and Diana have been integral parts of building our robust environment, social and governance programs in the Kavango region. We will continue that legacy. We continue to enhance our Board of Directors as we expand our governance structure and broaden its core competencies, which Jeffrey Harder will provide as Chair of the Audit Committee. We welcome Jeffrey to ReconAfrica."

About ReconAfrica

ReconAfrica is a Canadian oil and gas company engaged in the opening of the newly discovered deep Kavango Sedimentary Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum licenses comprising ~8 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.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements:

Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to a multi-well drilling campaign, the drilling of the Naingopo exploration well, drilling of Prospect P exploration well, the Company's commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the "Risk Factors" section in the Company's annual information form dated December 4, 2023, available under the Company's profile at www.sedarplus.ca. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

 

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SOURCE Reconnaissance Energy Africa Ltd.

FAQ

What recent changes were made to ReconAfrica's Board of Directors?

ReconAfrica announced the retirement of Chairman Craig Steinke and the appointment of Diana McQueen as the new Chair and D. Jeffrey Harder as an independent director and Chair of the Audit Committee.

Who is the new Chair of ReconAfrica as of June 2024?

Diana McQueen has been appointed as the new Chair of ReconAfrica's Board of Directors.

What role will D. Jeffrey Harder play in ReconAfrica?

D. Jeffrey Harder has joined ReconAfrica as an independent director and Chair of the Audit Committee.

What experience does Diana McQueen bring to ReconAfrica?

Diana McQueen has extensive governance experience, having held senior provincial cabinet roles in Alberta, Canada, including Minister of Energy and Minister of Environment & Sustainable Resource Development.

What are some of the social initiatives undertaken by ReconAfrica under Craig Steinke's leadership?

Under Craig Steinke's leadership, ReconAfrica undertook social initiatives such as drilling 36 community water wells and providing 17 scholarships in Namibia.

How is ReconAfrica preparing for its upcoming drilling campaign?

ReconAfrica is strategically positioning itself for a multi-well drilling campaign, with new governance appointments to strengthen its structure and core competencies.