NAMIBIA: ReconAfrica on Course to Spud Naingopo Exploration Well

Operations Update

All camp, rig and equipment moves have been completed with all major equipment now on site of the Naingopo exploration well. Third party service contractor teams are either on site or expected to mobilize to the site in the next week ahead of the expected spud date of July 7, 2024. On Prospect P, debushing and road access activities are ongoing with major civil works including well pad construction expected to commence in the next month.

Brian Reinsborough, President and CEO commented: “We have completed all the camp, rig and equipment moves and are in the process of rigging up in anticipation of a July 7, 2024 spud date for the high impact Naingopo exploration well. Operationally, things remain busy on site with well site construction and mobilization activities being completed in line with our expected scheduling. Additionally, field operations teams are mobilizing ahead of the start of well pad construction activities for Prospect P planned to being in the next month. This prospect is expected to spud immediately after completion of the Naingopo exploration well.”

Joint Venture Process Update

The Company continues to progress its farm out joint venture process which we expect to conclude soon.

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