ReconAfrica announces operations update

Reconnaissance Energy Africa Ltd. (ReconAfrica) has announced an update relating to Petroleum Exploration Licence 73 (“PEL 73”), onshore northeast Namibia.

“The Naingopo well is currently drilling on schedule and on budget to a depth of 1,450 m
and we will soon be drilling into key targeted intervals,” said Brian Reinsborough, President and CEO. “Elsewhere on PEL 73, we have started construction on the access road leading to Prospect P, our second Damara Fold Belt exploration well, which is targeted to commence drilling in Q4 2024.”

The Naingopo exploration well’s surface casing has been set at 350 metres and a first casing string set at 1,200 m. The well has been tracking to drilling depth and well cost estimates, with everything on schedule and plan.

The Naingopo well is targeting 181 million barrels of unrisked prospective light/medium oil resources or 937 billion cu ft of prospective natural gas resources, on a 100% working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates. The well is targeting to drill to a depth of approximately 3,800 m or 12,500 ft and is expected to encounter four primary reservoir intervals targeting both oil and natural gas.

Elsewhere on PEL 73, the company continues to make progress in the construction of the access
road for the second Damara Fold Belt exploration well, Prospect P, which is expected to start
drilling in the fourth quarter of 2024. Prospect P is targeting 309 million barrels of unrisked
prospective light/medium oil resources or 1.6 trillion cu ft of prospective natural gas
resources, on a 100% working interest basis, based on the most recent prospective resources
report prepared by NSAI.