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ReconAfrica Seeks New Joint Venture Partners For Kavango Basin, Namibia

Reconnaissance Energy Africa Ltd. has secured its new business relationship with Alvarez & Marsal and Hannam & Partners. The two companies will work closely with ReconAfrica in managing its evolving data room as well as launching a global reach to potential, high quality, joint venture partners to join the Company’s initial exploration program in the Kavango sedimentary basin, NE Namibia.

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Alvarez & Marsal

Alvarez & Marsal (New York, New York) incorporated 1983, is one of the world’s fastest growing professional and energy consulting firms with over 6,000 employees on five continents in over 30 countries. The company has established extensive global relationships in the energy sector with a solid track record in maximizing enterprise value through strategic partnerships. With ReconAfrica’s active drilling and seismic programs, Alvarez & Marsal will play a key role in managing the Company’s developing data room as part of the joint venture process.

Hannam & Partners

Hannam & Partners (London, UK) is a privately owned, relationship-led, natural resources specialist investment bank that specializes in offering independent corporate finance and capital markets advice. Their core business is focused on energy and natural resources transactions, with significant experience across Sub-Saharan Africa. Between their senior partners, they have a combined over 135 years of experience and have raised over US$330 billion under a wide array of business structures for clients around the world. In this joint effort in developing strategic joint venture partners for ReconAfrica’s interests in the Kavango basin, Hannam & Partners will play the leading role in consolidating current interest from potential partners as well as leveraging their international energy relationships to secure additional interest from potential strategic joint venture partners.

“The primary objective of combining the specific expertise and solid track record of both Alvarez & Marsal and Hannam & Partners along with their extensive industry relationships is to maximize the opportunity in attracting high quality, efficient industry partners to join ReconAfrica in the competent and sustainable exploration and development of the Kavango sedimentary basin”, stated Craig Steinke, Chairman of ReconAfrica. “Exploring the energy potential of new sedimentary basins, within trusted political regimes, comes at a critical time when abundant sources of affordable and sustainable energy are of the utmost importance to economic and political stability within Africa and throughout the world.”

Agreements

The Company entered into the agreement with Alvarez & Marsal on April 20, 2022, and with Hannam & Partners on July 11, 2022. Alvarez & Marsal has been actively working with ReconAfrica to develop the data room over the past several months. Hannam & Partners will commence its engagement approximately September 19, 2022.

Government Approvals

Any transfer of an interest in PEL 73 would require the approval of relevant Namibian government authorities, including the Ministry of Mines and Energy.

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