Reconnaissance Energy Africa Ltd and its joint venture partner NAMCOR (the state oil company of Namibia) have announced completion of the second phase of seismic (761 km) and commencement of the first seismically defined, initial four well drilling program with the first well 1819/8-2 (“8-2”) scheduled to spud on or before June 25, 2022.

Seismic  Operations

The joint venture partners, ReconAfrica and NAMCOR, have successfully completed the second seismic acquisition program comprising 761 linear kilometres of 2-D seismic completed on budget and on schedule. 180,312 human hours were utilized during the campaign, of which approximately 80% were Namibians recruited nationally and, predominantly, from local communities. As with the Phase 1 program, the Company will utilize multiple processing companies to provide the best possible seismic images.

Including Phase 1, ReconAfrica has currently acquired 1,211 kilometres of seismic within its over 34,000 square kilometre licensed area.

Planning is currently underway for the next phase of 2D seismic acquisition, which is anticipated to comprise in excess of 1,000 kilometres of 2-D seismic. This will be an extensive program and subject to permitting, the Company anticipates on the ground acquisition to begin the fall of 2022.

Drilling Operations

This initial four well program will be executed continuously and will target seismically defined structures with the objective of testing two of the three play types; oil prone Karoo Rift Fill and Intra Rift Fault Block plays.

The Company owned 1000 HP drilling rig (Jarvie-1) is now on the first drilling location (8-2) rigging up and scheduled to spud on or before June 25, 2022.

The well will be drilled to a planned depth of approximately 2,800 meters (9,184 feet) and is designed to test potential conventional oil and associated natural gas reservoirs in clastic rocks (sandstones) in the Karoo Rift Fill, the Company’s primary play. The well will also be drilled deeper into the Pre-Karoo Mulden and Otavi formations. These intervals correspond to zones in the Company’s first well, the 6-2, which is approximately 6.5 kilometres to the East, that had good oil and gas shows. It is anticipated the well will reach total depth within 60 days from the initial spud. Netherland, Sewell & Associates, Inc. (“NSAI”), the Company’s independent qualified reserves evaluator, has estimated an unrisked gross 799 million barrels of original oil in place (OOIP) for the well 8-2. The estimated unrisked gross prospective resource, (P50 case) with a projected 17% primary recovery, is 138 million barrels of oil for this well. Prospective resources are the arithmetic sum of multiple probability distributions.