Hey everyone, as you all are aware, ReconAfrica will be drilling four wells in Namibia targeting the Kavango basin. First well (Naingopo) was spudded yesterday and this is significant for 88E.
Let me stress that if Naingopo is a duster, it will automatically further dampen any enthusiasm in 88E's Namibian project. Success could also bring some hope to the already battered outlook on 88E. This thread is for us to track updates on their drill campaign and see the effect news there has on 88E's prospects. Please do your DD. Not a recommendation to buy or sell.

RECONAFRICA ANNOUNCES THE SPUD OF THE NAINGOPO

EXPLORATION WELL, JOINT VENTURE UPDATE AND WARRANT

EXERCISE UPDATE

July 8, 2024, Calgary, Alberta, Canada – ReconnaissanceEnergy Africa Ltd. (the “Company” or

“ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF)(Frankfurt: 0XD) and its joint venture partner NAMCOR (the state oil company ofNamibia), announce the spudding of the Naingopo exploration well on PetroleumExploration Licence 73 (“PEL 73”), onshore northeast Namibia. Additionally, theCompany announces a joint venture update as well as a warrant exerciseupdate.

Brian Reinsborough, President and CEO commented: “Ouroperations teams spud the well on July 7, 2024. We are extremely excited to bedrilling this high impact Damara Fold Belt well that our technical andoperations teams have been planning over the past 11 months, since I joinedReconAfrica. The Naingopo well represents the first well in a multi-wellexploration drilling campaign on PEL 73. The well is anticipated to reach totaldepth of 3,800 metres (12,500 feet), and take 90 days to drill. This is asignificant play opening well which may unlock a total potential resource ofover 3.1 billion barrels of oil or 18 trillion cubic feet of natural gas basedon the most recent prospective resource report prepared by Netherland, Sewell& Associates Inc. (“NSAI”), dated March 12, 2024⁽¹⁾.”

Chris Sembritzky, Senior VP of Explorationcommented: “The Naingopo exploration well is the firstwell to test the Damara Fold Belt play. In the event of success, the well wouldunlock significant oil and natural gas potential from our additional threeprospects and 20 leads that have been mapped and defined. The Naingopo well isexpected to test multiple reservoir intervals of which four are included in ourthird party resource report from NSAI.”

First Damara Fold Belt Well - Naingopo Exploration Well

The Company spud the Naingopo exploration wellin the Damara Fold Belt onshore PEL 73 in northeast Namibia on July 7, 2024.The well will be drilled to a planned total depth of approximately 3,800 metres(12,500 feet), and is expected to encounter multiple reservoir intervalstargeting both oil and natural gas. The Naingopo well is targeting 163 millionbarrels of unrisked prospective oil resources or 843 billion cubic feet ofunrisked prospective natural gas resources, net to ReconAfrica, based on themost recent prospective resources report prepared by Netherland, Sewell &Associates, Inc. (“NSAI”) dated March 12, 2024, and available on the Company’swebsite (the “NSAI Report”)⁽¹⁾.

(1) Thereis no certainty that any portion of the resources will be discovered. Ifdiscovered, there is no certainty that it will be commercially viable toproduce any portion of the resources. Prospective resources are thosequantities of oil estimated, as of a given date, to be potentially recoverablefrom undiscovered accumulations by application of future development projects.Prospective resources have both an associated chance of discovery and a chanceof development. Prospective resources are the arithmetic sum of multipleprobability distributions. Unrisked prospective resources are estimates are thevolumes that could reasonably be expected to be recovered in the event of thediscovery and development of these prospects.

Naingopo Exploration Well Schematic

Joint Venture Update

The Company continues to progress the farm outjoint venture process which we expect to conclude soon.

Warrant Exercise Update

In the past month, the Company has receivedproceeds of approximately $1.9 million from the exercise of warrants. With a recentshare price of $1.75, the Company has potential proceeds of approximately $35million from in the money share purchase warrants.