ReconAfrica to accelerate drilling plan for Namibia exploration well

Reconnaissance Energy Africa Ltd. continues to pursue activities relating to the drilling of Prospect I. To date, initial surveying activity has been completed, with debushing activities ongoing and demining activities set to be undertaken in the coming weeks. As a result of the progress to date, ReconAfrica has accelerated the spud date for Prospect I to Q2 2025.

"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,” said Brian Reinsborough, President and CEO of ReconAfrica. Our in-country teams have commenced community engagement, surveying, debushing and demining activities, which will be followed by construction of a 10-km road and drill pad site.

"Prospect I is one of the largest mapped structures in the Damara Fold Belt, is well imaged from 2D seismic, and demonstrates a four-way dip closure in which we expect to penetrate over 1,500 meters 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."

Prospect I is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources(1), or 1.7 trillion cubic feet of unrisked and 126 billion cubic feet of risked 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), an independent qualified reserves evaluator. Prospect I is noted as location 63 in the NSAI report.

Disclaimer

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 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.