NAMIBIA: Reconnaissance Energy Africa Provides Drilling update on Prospect I

Reconnaissance Energy Africa Ltd announces a drilling update on Prospect I.

Prospect I is located onshore Namibia in Petroleum Exploration Licence 073 (PEL73) and is the Company’s largest prospect to be drilled so far. It is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or 1.9 trillion cubic feet of unrisked and 140 billion cubic feet of risked prospective natural gas resources, 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.

Brian Reinsborough, President and CEO of ReconAfrica stated: “We are excited to be making great progress ahead of drilling one of the Company’s largest and most attractive prospects. The results of the Naingopo exploration well announced in January 2025 increased our confidence in the potential for Prospect I. We remain on track to spud the well this quarter and are looking forward to unlocking the significant potential of the Damara Fold Belt.”

DRILLING PLANS UPDATE

Pre-construction activities are continuing on schedule and the pre-drill evaluation is complete. The drilling schematic (below) demonstrates that we are targeting a drilling depth of 3,800 metres with the potential to drill deeper, as we did for the Naingopo exploration well. The thickness of the Otavi section is expected to be approximately 1,500 metres to 1,800 metres depending on how deep we are able to drill. The learnings from the Naingopo exploration well have improved our understanding of the Damara Fold Belt with respect to our geologic model including time and depth migration for the Mulden and Otavi sections. This is the same reservoir where we encountered over 50 metres of reservoir quality carbonates and encountered oil shows in the Naingopo well.