Reconnaissance Energy Africa Ltd. · TSXV:RECO
Reconnaissance Energy Africa — Investor Presentation (May 2025)
31 slides from Reconnaissance Energy Africa's investor presentation, May 2025
Slide 1: Corporate Presentation: Exploring and Developing the Damara Fold Belt and Rift Basin
CORPORATE PRESENTATION Exploring and Developing The Damara Fold Belt and Rift Basin MAY 2025 TSXV | OTCQX | FRANKFURT | NSX
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 With respect to the Company’s Namibian assets, as the Damara Fold Belt is a prospective resource and the first potential production in Petroleum Exploration Licence 073 ("PEL 73"), an evaluation of commercialization will await a successful discovery well to provide c
Slide 4: Contents
Contents 1 INVESTING IN RECONAFRICA 2 STRATEGIC PARTNERSHIPS 3 HIGH IMPACT EXPLORATION – EXPLORING THE DAMARA FOLD BELT NAMIBIA ANGOLA 4 NEAR TERM CATALYSTS 5 ESG 4
Slide 5: ReconAfrica Corporate Snapshot and What's New
RECONAFRICA PURE PLAY WEST AFRICA E&P COMPANY Corporate Snapshot What’s New Experienced management team New CEO and General Counsel with established track record New strategy ~13.3-million-acre concessions New SVP Exploration and secured with running room upon technical team success Enhanced governa
Slide 6: Leadership
Leadership World Class Experience Extensive Exploration Experience of Creating Material Value Executive Team Technical Advisory Team y BRIAN REINSBOROUGH CHRIS SEMBRITZKY ADAM RUBIN GTIANE DE SILVA NICK STEINSBERGER CARLOS ESCRIBANO JIM OHLMS RODNEY KIRKLAND SVP ESG, Stakeholder Relations Chief Exec
Slide 7: Compelling Investment Opportunity
Unique Compelling Investment Opportunity Investment Opportunity CYCLE TIME HIGH IMPACT PORTFOLIO MULTIPLE MONETIZATION OPTIONS COST STRUCTURE ADVANTAGE Early Productions System (“EPS”) allows oil to Deepwater resource potential with onshore In oil success case, proximity to existing, market in three
Slide 8: Delivering on New Strategy
Delivering on New Strategy Delivering on Strategy 2023 2024 2025 Strategy Right Sized the Transforming Potential Reset Company into Performance New CEO and General Counsel Civil Cases Settled Closed Angola MOU, 5 Million Q3 Q1 Q1 Streamlined the Organization additional acres New SVP Exploration and
Slide 9: Key Corporate Initiatives
Corporate Key Corporate Initiatives Initiatives 9
Slide 10: Strategic Partnership: BW Energy Joint Venture
Strategic Partnership Strategic BW Energy Partner Joint Venture Payment Structure ~US$163 Million WORKING INTEREST Potential Consideration ▪ Farmed-in for a 20% working interest US$16 million ▪ Pro-rata share of spending on a multi-well exploration program, seismic or additional drilling Equity inve
Slide 11: Capital Structure and Trading History
Equity Profile Capital Structure and Trading History and Market Trends 1Y TRADING HISTORY – IMPROVING VOLUME CAPITALIZATION EQUITY RESEARCH COVERAGE (All figures in C$ millions or millions of shares, except per share values) TSXV:RECO Share Price(1) $0.52 Research Capital Corp. Basic Shares Outstand
Slide 12: Namibia Investment Proposition
Namibia Investment Proposition High Impact Exploration Global Hotspot for Exploration Namibia Investments ▪ Over $10 Billion in capital programs planned in exploration and development Majors ▪ TotalEnergies, Chevron, Azule (BP/ENI), Galp, Qatar Energy Discoveries since 2022 ▪ Over 11 Billion Bbls an
Slide 13: Unlocking the Damara Fold Belt
Unlocking the Damara Fold Belt High Impact Exploration Naingopo Exploration Well Confirms Liquid Potential Namibia LEGEND 2D Seismic Line KAVANGO RIFT MARGIN(3) Natural Gas Seep LIGHT/MEDIUM OIL Damara Fold Belt Prospect/Lead Kavango Rift Basin Prospect ▪ 6 Prospects ▪ 45 Leads ▪ 25 MM Bbls - Risked
Slide 14: Unlocking the Damara Fold Belt Cont'd
Unlocking the Damara Fold Belt Cont’d High Impact Exploration 23 Prospects And Leads Namibia SW NE Lead HH Naingopo (L) Prospect M Lead MM Mbambi Owambo Rift Kombat Kawe NE Otavi Prospect I Makandina Prospect M DAMARA FOLD BELT Prospective Oil Resources(1) 100% WI(2) Company WI(2) Kambundu (3 prospe
Slide 15: Naingopo Results
Naingopo Results High Impact Exploration Liquid Hydrocarbons Observed Namibia Pre-Drill W D5.3 E Unconformity Mid. Mulden ▪ Play opening well Kombat Otavi ▪ Proved working petroleum system in Damara Fold Belt Detachment Abenab ▪ Demonstrated oil potential in Damara Fold Belt Post-Drill D5.3 ▪ Signif
Slide 16: Well Comparison
High Impact Well Comparison Exploration Naingopo | Kambundu | Prospect I Namibia Prospect I Naingopo Kambundu ▪ Thick Otavi between 1,500-1,800 metres ▪ Otavi section in hanging wall not penetrated ▪ Otavi significantly shallower than Naingopo ▪ Continuous seismic reflectors within Otavi ▪ Discontin
Slide 17: Prospect I Attributes
High Impact Prospect I Attributes Exploration Testing ~400 mmboe Potential Prospect Namibia Prospect I Kombat BSM Depth Structure Prospect I NW SE NW KB22-014 SE D1 Karoo MULDEN D1 D2 Mid. Mulden C.I. 50m OTAVI Kombat BSM ✓ Well defined structural closure TWT VE 2:1 ✓ Shallow depth of Otavi Prospect
Slide 18: Onshore Namibia 3D Seismic Program
High Impact Onshore Namibia 3D Seismic Program Exploration Namibia Improved Imaging 2024 Seismic Parameter Testing ▪ Targeting ~ 500 sq. kms. of 3D ▪ Vibroseis provides quality high-resolution 3D data ▪ Tighter spacing of receivers provides more comprehensive imaging ▪ Potential for both the Kavango
Slide 19: Monetization Options
High Impact Monetization Options Exploration 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 existin
Slide 20: Angola
Angola High Impact Exploration Premier Destination for Oil and Gas Exploration Investment Angola Angola’s oil and gas sector presents a high-growth opportunity for investors looking to capitalize on vast resources, pro-business policies, and global market access ▪ Major Producing Country with Proven
Slide 21: Angola Strategic Exploration Agreement
Angola Strategic Exploration Agreement High Impact Exploration 5.2 Million Acres Angola MOU Terms 5.2 MM Acres ▪ 24-month term split into two parts - 12 months each ▪ Recon has exclusivity for term of MOU ▪ Enter exploration license negotiations at end of MOU term PART 1: 12 months – Firm commitment
Slide 22: ESG Positive Impacts Through Partnership
ESG Positive Impacts Through Partnership ESG by the Numbers 10 Supporting STEAM and SAN Nursing students from Kavango East and West ▪ Industry leading ESG program in Namibia 36 ▪ Strict adherence to regulations, environmental and Solar powered water wells in remote areas global practices 2300+ Engag
Slide 23: Executing Strategy: Near Term Catalysts
Executing Strategy Near Term Near Term Catalysts Catalysts ▪ Completed drilling Naingopo well in November 2024, targeting to spud Prospect I in Q2 2025 Engineered to ▪ Acquired 5.2 million acres of land in Angola at low entry costs, significant upside efficiently drill into conventional ▪ Received E
Slide 24: Investment Highlights
INVESTMENT HIGHLIGHTS Near term catalyst High Impact Exploration Inventory Damara liquid potential Attractive risk profile and mitigation Namibia pure play Experienced management 24
Slide 25: Brian Reinsborough, President & CEO
BRIAN REINSBOROUGH PRESIDENT & CEO Reconnaissance Energy Africa Ltd investors@reconafrica.com Email: investors@reconafrica.com Ph: 1 877 631 1160 (Toll Free Canada & USA) AFRICA Namibia Reconnaissance Energy Namibia Ltd. PO Box 518 Industrial Area 8, AMTA Building Rundu, Namibia Botswana Reconnaissa
Slide 26: Appendix
APPENDIX APRIL 2025 TSXV | OTCQX | FRANKFURT | NSX
Slide 27: Disclosure Regarding Prospective Resources
Disclosure Regarding Prospective Resources The report of Netherland, Sewell & Associates, Inc. (“NSAI”), an independent qualified reserves evaluator, entitled “Estimates of Prospective Resources to the Reconnaissance Energy Africa Ltd. Interests in Certain Prospects and Leads located in PEL 73, Kava
Slide 28: Disclosure Regarding Prospective Resources Cont'd
Disclosure Regarding Prospective Resources Cont’d The NSAI Report estimated the undiscovered original oil in place volumes and unrisked and risked gross (100%) prospective light/medium oil resources to the Company’s 90% interest for each of the prospects and leads location for the Damara Fold and Th
Slide 29: Disclosure Regarding Prospective Resources Cont'd
Disclosure Regarding Prospective Resources Cont’d The NSAI Report estimated the undiscovered original oil in place volumes and unrisked and risked gross (100%) prospective light/medium crude oil resources to the Company’s 90% interest for each of the prospects and leads location for the Karoo Rift P
Slide 30: Disclosure Regarding Prospective Resources Cont'd
Disclosure Regarding Prospective Resources Cont’d The NSAI Report estimated the unrisked and risked gross (100%) prospective natural gas resources and the unrisked and risked company gross prospective natural gas resources to the Company’s 90% interest in the leads and prospect located in PEL 73 tha
Slide 31: Disclosure Regarding Prospective Resources Cont'd
Disclosure Regarding Prospective Resources Cont’d The NSAI Report estimated the undiscovered original gas in place volumes and unrisked and risked gross (100%) prospective natural gas resources to the Company’s 90% interest for each of the prospects and leads location for the Damara Fold and Thrust
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