Reconnaissance Energy Africa : Corporate Presentation - May 2025

Published: 2025-04-30 08:53:14 ET RECO.V

CORPORATE PRESENTATION

With respect to the Company's Namibian assets, as the Damara Fold Belt is a prospective resource and the first potential production in Petroleum Exploration Licence 073 ("PEL 73"), an evaluation of commercialization will await a successful discovery well to provide critical production test data, including rates and pressures. Based on reservoir studies, including samples, core, well log analysis, and internal Company estimates, the production is expected to be a combination of oil, natural gas liquids and natural gas, and the reservoir is expected to be a conventional reservoir system.

With respect to the Company's Namibian assets, as the Rift Basin is a prospective resource and the first potential production in PEL 73, an evaluation of commercialization will await a successful discovery well to provide critical production test data, including rates and pressures. Based on reservoir studies, including samples, core, well log analysis, and internal Company estimates, the production is expected to be oil with some potential gas and gas liquids, and the reservoir is expected to be a conventional reservoir system.

Regarding infrastructure, this area of northeast Namibia has good overall infrastructure, including transportation, communications and services. There is no oil or gas production infrastructure at this time. There is a very strong market for local power generation for Namibia and for all of southern Africa. Conceptually, Gas-To-Power technologies are expected to be the initial commercialization approach, and the main transmission grid for the region crosses PEL 73. It is premature at this time to estimate total cost and time to achieve commercial production.

The Prospective Resource Report prepared by Netherland, Sewell C Associates, Inc. ("NSAI"), an independent qualified reserves evaluator, entitled "Estimates of Prospective Resource to the Reconnaissance Energy Africa Ltd. Interest in Certain Prospects and Leads located in PEL 73, Kavango Basin, Namibia as of December 31,2024" (the "NSAI Report"). The NSAI Report was filed on SEDAR+ on April 29, 2025, under the "Other" document type. Volumes represent sum of prospective oil and or natural gas resources for prospects on a 100% working interest basis. The working interest ownership in PEL 73 effective January 2025 is ReconAfrica 70%, BW Energy Ltd. 20% and NAMCOR 10%.

3

1

INVESTING IN RECONAFRICA

STRATEGIC PARTNERSHIPS

HIGH IMPACT EXPLORATION - EXPLORING THE DAMARA FOLD BELT NAMIBIA

ANGOLA

NEAR TERM CATALYSTS

ESG

4

RECONAFRICA

What's New

New CEO and General Counsel New strategy

New SVP Exploration and technical team

Enhanced governance with experienced Board of Directors

Signed MOU adding

5.2 million additional acres in Angola

Drilling significant Damara Fold Belt well, Prospect I, in Q2 2025

Enhanced corporate culture, performance and transparency

Experienced management team

with established track record

~13.3-million-acre concessions secured with running room upon success

Multi-well drilling portfolio

drilling program commenced

De-risked working petroleum system(1) with oil shows and gas seeps

Industry leading ESG program in Namibia, focus on local content

PURE PLAY WEST AFRICA EsP COMPANY

Angola

Namibia

Botswana

(1) Working petroleum system de-risked from analysis of sidewall cores, gas seeps at surface, oil in sidewall cores within reservoir stratigraphy, gas in drilling mud, thermal basin modelling, kinetics of source rocks, and vitrinite interpretations.

5

Disclaimer

Reconnaissance Energy (Africa) Ltd. published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 12:33 UTC.