Reconnaissance Energy Africa Ltd. · TSXV:RECO
Reconnaissance Energy Africa — Investor Presentation (September 2026)
23 slides from Reconnaissance Energy Africa's investor presentation, September 2026
Slide 1: Building a full-cycle African E&P company
CORPORATE PRESENT AT ION Building a full-cycle African E&P company Two discoveries to appraise. Eleven million acres captured. Active in Namibia, Angola and Gabon TSX.V: RECO OTCQX: RECAF NSX: REC FRA: 0XD September 2026
Slide 2: Forward Looking Information
Forward Looking Information Certain information in this Presentation may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities legislation in Canada, the United States and any other applicable jurisdiction (collectively, “forward-looking
Slide 3: Prospective Resources Disclosure
Prospective Resources Disclosure The above referenced risks and assumptions related to forward-looking statements included in this Presentation have been provided for readers to gain a more complete perspective on the Company’s future operations. However, readers should be cautioned that the above r
Slide 4: Purpose, Mission & Strategic Pillars
Purpose, Mission & Strategic Pillars Prosp erity ReconAfrica accelerates prosperity for stakeholders who think entrepreneurially, value partnership and are PURPOSE driven to make an impact 1 TECHNICAL EXCELLENCE 2 COMMUNITY-DRIVEN 3 LIFE ESSENTIALS Deep, disciplined subsurface and Exploration approa
Slide 5: Portfolio Overview
Portfolio Overview ASSETS BALANCED PORTFOLIO ALLOWS FOR ALLOCATION OF CAPITAL ACROSS THE OPPORTUNITY SPECTRUM 11 mm 50 2 Acres captured across Namibia, Angola & Gabon Prospects and leads mapped across the portfolio Discoveries to appraise and develop Two discoveries to be appraised and developed ▪ K
Slide 6: High-impact exploration with lower costs and scalable growth
High-impact exploration with lower costs and scalable growth INVESTM ENT UNIQUE INVESTMENT CASE 01 02 03 HIGH-IMPACT PORTFOLIO DIVERSIFIED & BALANCED CYCLE TIME AND COST ADVANTAGE Significant upside potential Reducing risk Lower F&D costs in the Damara Fold Belt and NGULU offshore with production te
Slide 7: 2026 Operating & Capital Program
2026 Operating & Capital Program OPERATING PROGRAM 1Q 2Q 3Q 4Q ~$37mm raise CORPORATE mid-January Awareness Marketing Awareness Marketing Awareness Marketing NAMIBIA Vertical Production Test Hz Production Test Prep. Appraisal Well ANGOLA Sample Oil Seeps Prepare 2D Seismic Plan GABON 3D Seismic Repr
Slide 8: Unlocking the Damara Fold Belt Play
Unlocking the Damara Fold Belt Play N AMIB IA Kavango West 1X - Validates a play, not just a well Namibia’s First Production Test Discovery made at Kavango West 1X Kavango West 1X Discovery Play opening well, unlocking significant upside potential Well & Production Test Upcoming Production Flo
Slide 9: Vertical Production Test to Locate Flowing Hydrocarbon Zones
Vertical Production Test to Locate Flowing Hydrocarbon Zones N AMIB IA Kavango West 1X L TSCHUDI Lith Column 4,260 m SE GR NW D1 Mid. Mulden Huttenberg: TWT Kombat BSM 75 m (246 ft) hydrocarbon pay H3 Zone flowed gas and liquids Elandshoek: HUTTENBERG Otavi E3 zone flowed natural gas to H Zone
Slide 10: Huttenberg Zone 3 Flare from Relief Stack
Huttenberg | Zone 3 Flare from Relief Stack HUTTEN BERG NAM IBIA Three zones, 182 metres of reservoir section ~25 feet Flowed to surface immediately on perforation 75 net metres of hydrocarbon pay from wireline log (7 metres) Before acid stimulation had been applied analysis Matrix porosity is prese
Slide 11: Kavango Discovery: Horizontal lateral through crestal fracture swarm
Kavango Discovery | Horizontal lateral through crestal fracture swarm KW1X horizontal sidetrack is a deliverability and fluid-composition test Fracture density is a function of fold curvature Kw1x 1,000 metres # TOE 1777 Extension concentrates at the hinge Bending over the crest puts the outer arc i
Slide 12: Horizontals win in fractured, low-perm carbonate rocks
Horizontals win in fractured, low-perm carbonate HUTTENBERG HZ TEST rocks A lateral drilled across the fracture grain crosses many fracture sets that a single vertical hole may miss 1 Intersect more natural fractures entirely 2 Expose far more reservoir Thousands of feet of lateral will contact vast
Slide 13: Kavango West 1X validates a play, not just a well
Kavango West 1X validates a play, not just a well AC RE AG E - ANG OLA FIRST-MOVER ADVANTAGE ANGOLA Discovery at Kavango West 1X opens a fold belt with 18 mapped prospects and four leads behind it — the well de-risks the play, not only the location MOU AREA NAMIBIA Play opening Kavango West 1X Unloc
Slide 14: Gabon | NGULU Offshore Block
Gabon | NGULU Offshore Block GABON - NGULU 55% 1,214 km² RECON — OPERATOR CONCESSION AREA 140 m 28 GROSS PAY (70 m NET) PROSPECTS MAPPED Gabon ASSET NGULU • Oil discovery on block, discovered 1976 — 140 m gross pay (70 m net) • Large concession covering 1,214 sq. km • Along trend of sizable discover
Slide 15: Gabon | NGULU Exploration and Growth Potential
Gabon | NGULU Exploration and Growth Potential GABON - NGULU EXPLORATION HIGHLIGHTS • Multiple play types — potential pre- and post-salt prospects • State-of-the-art seismic reprocessing • Multiple older wells drilled Mouveni Cluster • DHI (Direct Hydrocarbon Indicators) Lepidote Deep Prospect inven
Slide 16: Positive Impacts Through Community Partnership
Positive Impacts Through Community Partnership By the Supporting STEAM and SAN Nursing students from Kavango East and West Solar powered water wells in remote areas Industry leading environmental and social programs in Namibia Strict adherence to regulatory, permitting and environmental Engageme
Slide 17: Investment Highlights
Investment Highlights SUMMARY 1 High quality and diverse asset portfolio 2 Well funded 2026 capital program 3 Balanced risk profile with significant exploration upside 4 Operating program designed to maximize opportunities 5 Line-of-sight to near-term production 6 Near term catalysts throughout 2026
Slide 18: Contact
BRIAN REINSBOROUGH, President & Chief Executive Officer Contact MARK FRIESEN, Vice President, Investor Relations and Capital Markets Reconnaissance Energy Africa Ltd. Email: investors@reconafrica.com Phone: 1-877-631-1160 (Toll Free Canada and USA) AFRICA Namibia Reconnaissance Energy Namibia Ltd. P
Slide 19: Appendix
APPENDIX AUGUST 2025 TSXV | OTCQX | FRANKFURT | NSX
Slide 20: Senior Leadership and Board of Directors
Senior Leadership and Board of Directors EXPERIENCE Senior Executive Team Board of Directors ADAM RUBIN BRIAN REINSBOROUGH CARLOS ESCRIBANO CHRIS SEMBRITZKY NICK STEINSBERGER General Counsel & Chief Executive Officer Chief Financial Officer SVP Exploration SVP Operations Corporate Secretary Board Ch
Slide 21: Strong Management Track Record with Gulf of Mexico-Style Plays
Strong Management Track Record with Gulf of Mexico-Style Plays GABON Brian Reinsborough, Chief Executive Officer Exploration Sub-salt Discoveries Deep Water Gulf of Mexico Chris Sembritzky, Senior Vice President, Exploration, worked in Cumulative ~2.4 Bboe(1) – 18 discoveries over 40 countries. Ex
Slide 22: Monetization Options
Monetization Options NAMIBIA Oil | Early Production System Gas | Gas to Power 3 1 Grootfontein Railhead 4 2 5 Proximity to high quality road, rail and port infrastructure Infrastructure PEL73 Options Road and rail system highly well developed Maximize the use of existing infrastructure 1 Power
Slide 23: Stock, Corporate & Capitalization
Stock, Corporate & Capitalization FINANCIAL Stock Corporate Shares (Basic) % TSX.V RECO BW Energy 26,338,780 6.3% Auditor Davidson & Company LLP OTC RECAF Insiders 3,135,378 0.8% Avg.Day Vol (Mm) Research Capital corp. Float 386,488,342 92.9% 1.270 3mo Syndicate Canaccord Genuity Total Shares (Basic
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