Reconnaissance Energy Africa Ltd. · TSXV:RECO
Reconnaissance Energy Africa — Investor Presentation (September 2025)
31 slides from Reconnaissance Energy Africa's investor presentation, Sep 18, 2025
Slide 1: ReconAfrica Presentation: Building a Full Cycle West Africa E&P Company
RECONAFRICA PRESENTATION Building a Full Cycle West Africa E&P Company A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces (except Quebec) and territori
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: ReconAfrica | Pure Play West Africa Exploration Company
ReconAfrica | Pure Play West Africa Exploration Company Corporate Our Snapshot Advantage Diversified Portfolio Proven Oil Finders De-risked Exploration Technical Program Excellence High Impact First Mover Drilling Program Advantage Visibility to Near Term Strong Governance and Production Social Enga
Slide 5: Senior Leadership and Board of Directors
Senior Leadership and Board of Directors World Class Experience Senior Executive Team Board of Directors y BRIAN REINSBOROUGH CHRIS SEMBRITZKY ADAM RUBIN GITANE DE SILVA NICK STEINSBERGER CARLOS ESCRIBANO Chief Executive Officer SVP Exploration General Counsel SVP ESG, Stakeholder Relations & Commun
Slide 6: Unique Investment Opportunity
Unique Investment Opportunity Unique Investment DIVERSIFIED & CYCLE TIME AND HIGH IMPACT PORTFOLIO BALANCED PORTFOLIO COST ADVANTAGE Significant running room captured in Damara Low risk appraisal, development and Low finding and development costs, cycle time Fold Belt play and Ngulu offshore block e
Slide 7: Capitalization Table and Use of Proceeds
Capitalization Table and Use of Proceeds Unique Investment Capitalization Table (1) Use of Proceeds TSXV:RECO - Majority of funds to accelerate Ngulu PSC Share Price (1) $0.67 - Working Capital & General Corporate Purposes Basic Shares Outstanding (2) 303,592,183 Stock Options (2) 30,357,000 Warrant
Slide 8: Strategy Execution and Partnership
Strategy Execution and Partnership Delivering on Strategy Reset ▪ New Team ▪ Rationalized Assets 2023 ▪ Prioritized Exploration Inventory ▪ Elevated ESG Efforts Namibia Partnership Positioned 7% ownership in Recon ▪ Enhanced Governance ▪ First Sustainability Report 2024 ▪ Drilled Naingopo Well ▪ BW
Slide 9: Unlocking the Damara Fold Belt
Unlocking the Damara Fold Belt Kavango West 1X | Currently Drilling Namibia Kavango West 1X Gas seeps with liquids DAMARA FOLD BELT Oil shows in Otavi DAMARA FOLD BELT LIGHT / MEDIUM OIL Prospect M Kambundu ▪ 19 Prospects LEGEND ▪ 4 Leads 2D Seismic Line Naingopo Natural Gas Seep ▪ 156 MM Bbls Riske
Slide 10: Well Comparison
Well Comparison Kavango West 1X | Naingopo | Kambundu Namibia Kavango West 1X Naingopo Kambundu Oil in Otavi footwall ▪ Thick Otavi ~2000 m ▪ Otavi section in hanging wall not penetrated ▪ Otavi significantly shallower than Naingopo ▪ Continuous seismic reflectors within Otavi ▪ Discontinuous seismi
Slide 11: Kavango West 1X Attributes
Kavango West 1X Attributes Testing ~340 MMBbl Potential Prospect (1)(2) Namibia Kavango West 1X Prospect I 3,800 - 4,250 m NW SE Kombat BSM Depth Structure NW SE D1 MULDEN Karoo D1 D2 Mid. Mulden OTAVI C.I. 50m Kombat VE 2:1 BSM Well defined structural closure TWT Trap Kavango West 1X Shallow depth
Slide 12: Angola Exploration Agreement
Angola Exploration Agreement 5.2 Million Acres 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 ANGOLA ▪ Major Producing Country with Substantial Proven MOU Reserves AREA NAMIB
Slide 13: Gabon | Strategic Rationale and Investment Highlights
Gabon | Strategic Rationale and Investment Highlights Gabon Strategy Investment ▪ Signed a Production Sharing Contract on ▪ Existing oil discovery enables low-cost September 8, 2025, which positions Recon as an development and near-term cash flow generation offshore West Africa operator ▪ Proximity
Slide 14: Gabon | NGULU Offshore Block
Gabon | NGULU Offshore Block Gabon Asset Working Interest Oil discovery on block ▪ RECON 55% (operator) discovered in 1976 (TSXV:RECO) ▪ 140 m gross pay (70 m net) ▪ Record Resources 20% (TSXV:REC) Large concession covering 1,214 sq. kms ▪ Gabon Oil Company 15% ▪ Gabon Government 10% (carried)
Slide 15: 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, Cumulative ~2.4 Bboe(1) – 18 discoveries worked in over 40 countries ▪ R
Slide 16: NGULU Overview
NGULU Overview Gabon ▪ Historic and current oil province ▪ Large concession with significant running room ▪ Multiple proven reservoirs producing throughout the region ▪ Along trend of significant oil fields (~38 - 240 MMBoe) ▪ Loba discovery encountered oil in Batanga reservoir ▪ Access to Infrastru
Slide 17: NGULU Block Activity Plan
NGULU Block Activity Plan Gabon Loba Field Appraisal and Exploration Upside Phase 3 Phase 2 ▪ Reprocess seismic data to image Phase 1 prospects better ▪ Appraisal drilling in Loba ▪ Lepidote deep ▪ Reprocess seismic data East complex ▪ Pompano cluster to image reservoirs ▪ Short pipeline tieback to
Slide 18: Loba Field Complex Development
4 Loba Field Complex Development Gabon Oil Gas 1 Loba Discovery appraisal well A B 1 Loba Deep Exploration Prospect 3 3 2 Loba East Prospect 2 3 Lepidote Deep Exploration Prospect 1 Gabon Pipeline Infrastructure 10 kms to near-by Infrastructure ▪ Two off take routes ▪A Barbier Field Platform NGULU ▪
Slide 19: Loba Field Reservoir and Structure
Loba Field Reservoir and Structure Gabon A Loba Oil B Loba Batanga Reservoir Discovery Loba-2 Loba-3 (Planned) (Planned) ▪ Over 70 m net / 140 m gross oil column LOBA 3 LOBA 3 1.1km Loba 0 EAST ▪ Discovered in 1976 2 Deep 2 ▪ Drilled on 2D data that post 3D can be seen at the edge of structure (OWC
Slide 20: NGULU | Exploration Prospect Inventory
NGULU | Exploration Prospect Inventory Gabon ▪ Multiple play types and prospects, located near existing production infrastructure, for low-cost development tiebacks ▪ Pre-salt and Post-salt reservoir targets; stacked reservoirs enabling multiple zones to be tested with one single well ▪ Shallow wate
Slide 21: NGULU | Gulf of Mexico Style Plays
NGULU | Gulf of Mexico Style Plays Gabon ▪ Loba M 1 well found a shallow oil zone with LOM-1 over 70 m net column / 140 m gross oil column ▪ Deeper Sub-salt reservoirs are known in the area with traps below the salt Post-Salt Loba Post-salt Discovery ▪ Sub-salt potential has not yet been exploited i
Slide 22: Lepidote Deep | Near Field Infrastructure-Led Exploration
3 Lepidote Deep | Near Field Infrastructure-Led Exploration Gabon Gas flags Gr So Lith Lepidote Deep ▪ Lepidote 1 well drilled in 1970’s on 2D data, not deep enough to test structure Oil shows encountered ▪ Well encountered strong oil shows ▪ Modern 3D seismic demonstrates a robust 4-way dip closure
Slide 23: Pompano Prospects, Loba Field and Lepidote Deep
4 Pompano Prospects, Loba Field and Lepidote Deep Gabon Batanga level Loba Field Pompano Lepidote Deep Gas Flags Gas Flags Gas Flags Pompano Potential resources Batanga target Loba Oil Batanga level Anguille level in-line with on-trend fields Pompano Anguille target Pompano Map Level Cap Lopez Lepid
Slide 24: Investment Highlights
Investment Highlights ▪ Attractive Risk Profile and Mitigation ▪ High Impact Exploration Inventory ▪ Line-of-sight to near-term production ▪ Damara Liquid Potential ▪ Gabon Investment Provides Countercyclical Entry Point ▪ Ngulu Appraisal and Development ▪ Experienced Management ▪ Welcoming Governme
Slide 25: 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 36 Solar powered water wells in remote areas ▪ Industry leading ESG program in Namibia 2300+ ▪ Strict adherence to regulatory, permitting and Engagement with stakeholde
Slide 26: Appendix
APPENDIX AUGUST 2025 TSXV | OTCQX | FRANKFURT | NSX
Slide 27: 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 28: Gabon | Key Oil and Gas Producers
Gabon | Key Oil and Gas Producers Gabon Country Level Production Company Level Production (boepd) Onshore Shallow-water Simba Dussafu Hylia SW 250,000 Hibiscus/Ruche onstream 200,000 150,000 bbl/d 100,000 50,000 0 2030 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Compan
Slide 29: 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 30: 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 31: Contact
BRIAN REINSBOROUGH, Chief Executive Officer Contact MARK FRIESEN, Managing Director, 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. PO Box 518
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