RECONAFRICA ANNOUNCES UPDATE ON OPERATIONS AND JOINT VENTURE

CALGARY, AB, June 11, 2024 /PRNewswire/ – Recognition Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) announces an operations update regarding activity relating to petroleum exploration permit 73 (“PEL 73”), onshore in the northeast Namibiaand an update on the joint venture process.

Brian Reinsboroughthe president and CEO commented: “Our operations teams and contractors are very busy completing camp and rig moves this week. Since our last update, the JarvieThe -1 drilling rig has undergone all its maintenance and certification processes without any major issues noted. It has been rigged and travels approximately 80 kilometers to the Naingopo location. The conductor hole has been drilled and we continue to look for a spud towards the end of the month. Drilling of the well is expected to take 90 days, targeting several reservoir intervals in the highly prospective Damara Fold Belt. Our joint venture process continues to progress toward closing as we aim for a completed transaction before drilling of the Naingopo well begins. »

Chris Sembritzkythe Senior Vice President Exploration commented: “There is enormous excitement about the upcoming Naingopo exploration well, which will be the first well to test the Damara Fold Belt. The extensive work on petroleum systems that our team has conducted over the past six months gives us increased confidence in the search for hydrocarbons. In our first well, if successful, we have significant room for maneuver with four additional prospects and 20 leads that have been mapped and defined.

Nick SteinsbergerSVP Drilling and Completions commented: “The operations team is very excited to finalize preparations for the next Naingopo exploration well. All drilling crews are in place, made up of both Namibian nationals and expatriates, the majority of whom have worked on the project. Jarvie-1 front, ensuring operational continuity. All equipment and services needed to drill the well are on site or expected to arrive within the next two weeks. »

First Damara Fold Belt Well – Naingopo Prospect

The relocation of the work camp and drilling rig from the Wisdom Farm 5-1 location is being completed, and everything is expected to be operational at the Naingopo well site towards the end of the month. The well remains on schedule to begin drilling this month and targets 163 million barrels of risk-free potential oil resources or 843 billion cubic feet of risk-free potential natural gas resources, net to ReconAfrica, based on the report on prospective resources the most recent prepared by the Netherlands, Sewell. & Associates, Inc. (“NSAI”) dated March 12, 2024and available on the Company’s website (the “NSAI Report”)^{(1) (2)}.

Joint Venture Process Update

The Company continues to advance its farm-out joint venture process which we expect to close in the coming weeks.

About ReconAfrica

ReconAfrica is a Canadian oil and gas company engaged in opening up the recently discovered Kavango sedimentary basin in the Kalahari Desert in the northeast of the country. Namibia and northwest Botswana, where the Company holds petroleum licenses covering approximately 8 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimizing habitat disturbance, in accordance with international standards and will implement best environmental and social practices in all its project areas.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements:

Certain statements contained in this press release constitute forward-looking information under Canadian standards, UNITED STATES and other applicable securities laws, rules and regulations, including, without limitation, statements regarding the timing of drilling the Naingopo Well, the depth of the Naingopo Well, the time required to drill the Naingopo Well , the number of target intervals, the drilling of four prospects and 20 additional prospects, the acquisition of all necessary services and equipment, the outcome of the joint venture process as there is no guarantee that an agreement will be reached, and the Company’s commitment to minimizing habitat disruption, in accordance with the best international standards and its implementation of best environmental and social practices in all of its project areas. These statements concern future events or future performance. The use of any of the words “may”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica’s current beliefs or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in such forward-looking statements. result of the factors discussed in the “Risk Factors” section of the Company’s annual information form dated December 4, 2023, available under the Company’s profile at www.sedarplus.ca. Actual future results may differ materially. Various assumptions or factors are generally applied in drawing conclusions or making the forecasts or projections presented in the forward-looking information. These assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except if required by applicable securities. laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Oil and Gas Information Disclosure:

The Netherland, Sewell & Associates, Inc. (“NSAI”) report entitled “Reconnaissance Energy Africa Ltd. Potential Resource Estimates.” Interests in certain opportunities located within the Damara Fold and Thrust Belt play area in Oil Exploration License 73, Kavango Basin, Namibia of the February 29, 2024” (the “NSAI Report”) and the prospective resource estimates contained herein and in this press release were prepared by NSAI, a qualified and independent reserves evaluator, with an effective date of February 29, 2024. The NSAI report was prepared in accordance with the definitions and guidelines of the Canadian Oil and Gas Assessment Manual prepared jointly by the Society of Petroleum and Engineers (Calgary Chapter) (the “COGE Manual”) and the Canadian Institute mining, metallurgy and petroleum. and Regulation 51-101 respecting Disclosure Related to Oil and Gas Activities (“Regulation 51-101”). For further information regarding the risks and level of uncertainty associated with the recovery of the prospective resources detailed herein and in the NSAI report, significant positive and negative factors relevant to the prospective resource estimates detailed herein and in the NSAI Report and a description of The project to which the prospective resource estimates detailed herein and in the NSAI Report apply is contained in the NSAI Report, a copy of which has been filed with the Canadian Securities Administrators securities and is available under the Company’s issued profile on SEDAR+ at www.sedarplus.ca.

The prospective resources presented in the NSAI report were estimated using probabilistic methods and are dependent on a petroleum discovery. If a discovery is made and development undertaken, the probability that recoverable volumes will be equal to or greater than the risk-free estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate and 10 percent for the high estimate. The prospective low and high estimate resources were not included in the NSAI report. For the purposes of the NSAI report, the volumes and parameters associated with the prospective resource best estimate scenario are referred to as 2U. The 2U prospective resources were grouped beyond the prospect and prospect level by arithmetic summation; therefore, these totals do not include the portfolio effect that might result from statistical aggregation. Statistical principles indicate that the arithmetic sums of several estimates may be misleading as to the volumes actually recovered.

SOURCE Reconnaissance Energy Africa Ltd.