Reconnaissance Energy Africa : Corporate Presentation - April 2025

Published: 2025-04-22 06:49:29 ET RECO.V

CORPORATE PRESENTATION

Exploring and Developing

The Damara Fold Belt and Rift Basin

April 2025

APRIL 2025

TSXV | OTCQX | FRANKFURT | NSX

Prospective Resources Disclosure

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 & 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 March 31,2024" (the "NSAI Report"). The NSAI Report was filed on SEDAR+ on July 29, 2024, 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%.

Contents

INVESTING IN RECONAFRICA

STRATEGIC PARTNERSHIPS

HIGH IMPACT EXPLORATION - EXPLORING THE DAMARA FOLDS

NAMIBIA

ANGOLA

NEAR TERM CATALYSTS

ESG

RECONAFRICA

PURE PLAY WEST AFRICA

E&P COMPANY

Corporate Snapshot

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 acclaimed

ESG program

ANGOLA

NAMIBIA

BOTSWANA

What's New

New CEO and General Counsel

New strategy

New SVP Exploration and

technical team

Improved governance with

experienced Board of Directors

ANGOLA

5 million additional acres

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

Enhanced corporate culture, performance and transparency

(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.

Leadership

Extensive Exploration Experience of Creating Material Value

World Class Experience

Executive Team

Technical Advisory Team

BRIAN REINSBOROUGH

Chief Executive Officer

Deepwater Industry thought leader, with over 35 years of experience including 20 years in deepwater Gulf of Mexico with a successful track record of building DW companies; made over 18 discoveries in his career including 2 significant discoveries.

Chairman and CEO

Venari Resources;

President and CEO of

Nexen USA.

Discovered over 2.5 bn of oil in his career and raised over $2.5 bn over the course of his career.

CHRIS SEMBRITZKY

SVP Exploration

Experienced geologist with a track record of international exploration, appraisal and development programs with significant business development experience.

Over a 20-year career at Anadarko he worked in over forty countries.

Prior to his retirement from Anadarko, Chris was the Vice President of International Exploration, Business Development and New Ventures.

ADAM RUBIN

General Counsel

Senior General Counsel providing strategic insight and advice to CEOs and Board Chairs.

Expert on financings, M&A, divestitures, governance, ethics, regulatory and stakeholder relations.

Provides a strong entrepreneurial / business judgement orientation at the highest-level business decisions.

GTIANE DE SILVA

SVP ESG, Stakeholder Relations & Communications

Respected public policy and regulatory leader with over 20 years executive experience at the provincial, national and international levels who is known for her deep expertise in the areas of energy, environment, trade and infrastructure.

Recipient of The International Alliance for Women World of Difference Award.

NICK STEINSBERGER

SVP Operations

Over 35 years of petroleum engineering experience in drilling and completions.

Innovative and a strong team leader.

Responsible for the stimulation process used in all Shale plays today, developed during his work with Mitchell Energy in the Barnett Shale.

Drilled and completed over 1,200 vertical and horizontal wells throughout North America and worked in most shale basins active today.

CARLOS ESCRIBANO

Chief Financial Officer

Over 15 years of experience serving the resource industry as CFO for several publicly traded multinational corporations.

Depth of experience in financial reporting, strategic planning, tax, treasury, risk management, governance and information technology.

JIM OHLMS

Senior Commercial Advisor

Highly experienced professional with strong Petroleum Engineering foundation and over 30 years of experience.

Proven value delivery through engineering, M&A, international commercial development and exploration.

Served as Managing Director - Ghana / Commercial Manager, West Africa for Anadarko and Occidental.

RODNEY KIRKLAND

Senior Geoscience Advisor

Geoscientist with over 25 years' experience in petroleum systems, prospect generation, and drilling operations.

Successful in both exploration and development roles in numerous basins within the U.S. and globally.

Most recent work focused on Eastern and Southern Africa, including Mozambique (Rovuma basin discoveries), South Africa and Madagascar.

Compelling Investment Opportunity

Unique

Investment

HIGH IMPACT PORTFOLIO

Deepwater resource potential with onshore

cost structure

Significant running room captured in Damara

Fold Belt play

Play opening wells in the Damara Fold Belt and

Rift Basin plays

Entry into Angola, expanded asset base

MULTIPLE MONETIZATION OPTIONS

In oil success case, proximity to existing, nearby infrastructure allows for faster market access

Ideally located to source low carbon intensity, clean gas to local, regional and global markets

CYCLE TIME

COST STRUCTURE ADVANTAGE

Early Productions System allows oil to market

in 3 years from exploration discovery

Low finding and development costs, cycle time

and significant upside yield great returns

TESTING LARGE OIL POTENTIAL EXPLORATION INVENTORY AT LOW-COST STRUCTURE

Delivering on New Strategy

Delivering on

Strategy

2023

2024

2025

Strategy

Reset

New CEO and General Counsel

New SVP Exploration and Team

Sold Mexico Assets

Re-Started JV Process

Prioritized Exploration Inventory

Elevated ESG Efforts

Right Sized the

Company

Civil Cases Settled Streamlined the Organization

Enhanced Governance First Sustainability Report

Drilled Naingopo Well

BW Energy Joint Venture

Secured Financing

Completed Naingopo Well

Evidence of Oil(1)

Prioritized Prospect I

Transforming Potential

into Performance

Closed Angola MOU, 5 Million

additional acres

Drill Second Exploration Well

Commence Namibia's First

3D Seismic Program

Key Corporate Initiatives

Corporate Initiatives

Strategic Partnership

Strategic

BW Energy

Partner

Joint Venture

Payment Structure

~US$163 Million

WORKING INTEREST

Potential Consideration

▪ Farmed-in for a 20% working interest

US$16 million

▪ Pro-rata share of spending on a multi-well exploration program, seismic or additional drilling

Equity investment

IDEAL PARTNER / COMPLEMENTRY SKILL SETS

US$22 million

▪

Holder of PPL003 onshore Namibia, Kudu gas discovery

Potential warrant proceeds

▪ Success with both oil and gas exploration and development

US$45 million

Declaration of commerciality (FID)

▪ Significant in-country expertise on local oil and gas markets

additional capital carry

US$80 million

Partnership For the Long-Term

Exploration and Development Potential of PEL 73 Onshore Namibia

Production bonuses based on

cash flow milestones

Disclaimer

Reconnaissance Energy (Africa) Ltd. published this content on April 22, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 22, 2025 at 10:47 UTC.