Reconnaissance Energy Africa Ltd. · TSXV:RECO
Reconnaissance Energy Africa — Investor Presentation (January 2025)
28 slides from Reconnaissance Energy Africa's investor presentation, January 2025
Slide 1: Exploring and Developing the Damara Fold Belt and Rift Basin Assets
EXPLORING AND DEVELOPING THE DAMARA FOLD BELT AND RIFT BASIN ASSETS January 2025 ONSHORE NAMIBIA
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: Disclosure Regarding Prospective Resources
Disclosure Regarding Prospective Resources With respect to the Company’s Namibian assets, as the Damara Fold Belt is a prospective resource and the first potential production in the Kavango Basin, an evaluation of commercialization will await a successful discovery well to provide critical productio
Slide 4: Corporate Snapshot | What's New
Corporate Snapshot | What’s New Corporate Snapshot What’s New Experienced management team New CEO and General Counsel with established track record New Strategy ~8.1 million acre concessions New SVP Exploration and secured with running room on technical team members success Professional Board of Dir
Slide 5: Executive Leadership and Technical Advisory Team
Executive Leadership and Technical Advisory Team Extensive Exploration Experience Executive Leadership 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 Exe
Slide 6: Differentiating Investment Case
Differentiating Investment Case ➢ Deepwater resource potential with onshore cost structure HIGH IMPACT ➢ Significant running room captured in Damara Fold Belt PORTFOLIO ➢ Play opening wells in the Damara Fold Belt and Rift Basin MULTIPLE ➢ Deploy early productions system in oil success case utilizin
Slide 7: Delivering on New Strategy
Delivering on New Strategy 2023 2024 2025 Q3/23 Q4/23 Q4/23 Q4/23 Q1/24 Q1/24 Q2/24 Q4/24 Q4/24 Q1/25 New CEO and New SVP Sold Mexico Prioritized Civil Cases Streamlined Enhanced Completed Indications of Oil Prospect I General Counsel Exploration Assets Exploration Settled Organization Governance Na
Slide 8: Onshore Investment Proposition | Multiple Play Types, Large Prospective Resources
Onshore Investment Proposition | Multiple Play Types, Large Prospective Resources High Quality Stable Business Environment Namibia – Global Hot Spot ✓ Business friendly environment ✓ Past 24 months Discovered ‒ Stable democracy with multi-party parliamentary system ‒ Pro-business government ‒ Over 1
Slide 9: Strategic Joint Venture | BW Energy Limited Joins ReconAfrica and NAMCOR
Strategic Joint Venture | BW Energy Limited Joins ReconAfrica and NAMCOR WORKING INTEREST ➢ Farmed in for a 20% Working Interest (PEL 73 Working Interest; ReconAfrica 70% (Operator), BW Energy 20%, NAMCOR 10%) ➢ Pro-rata share of spending on a multi-well exploration program (first two wells in the D
Slide 10: Capital Structure and Trading History
Capital Structure and Trading History CAPITALIZATION EQUITY RESEARCH COVERAGE (All figures in C$ millions or millions of shares, except per share values) TSXV:RECO ➢ Research Capital Corp. – Bill Newman Share Price(1) $1.03 ➢ Fox Davies Capital – Lionel Therond Basic Shares Outstanding(2) 265.6 ➢ Ha
Slide 11: Unlocking the Damara Fold Belt Potential
Unlocking the Damara Fold Belt Potential 19 6 Prospects Prospects Naingopo Exploration Well Confirms Liquid Potential in Damara Fold Belt 4 Leads 45 Leads 226 MM Bbls1 Kavango Rift Margin: OIL AND NATURAL GAS 25 MM Bbls1 Risked Prospective Oil • 51 prospects and leads Prospective Oil Resources • 2.5
Slide 12: Prospect Running Room | 23 Prospects and Leads
Unlocking the Damara Fold Belt Potential Prospect Running Room | 23 Prospects and Leads SW NE Lead HH Naingopo (L) Prospect M Lead MM Mbambi Owambo Rift Kombat Kawe NE Otavi Makandina Prospect I Prospect M DAMARA FOLD BELT Prospective Oil Resources1 100% WI2 Company WI2 Kambundu (4 prospects - both
Slide 13: Naingopo Results | Liquid Hydrocarbons Observed
Unlocking the Damara Fold Belt Potential Naingopo Results | Liquid Hydrocarbons Observed Pre-Drill Post-Drill W D5.3 E W D5.3 E Unconformity Mid. Mulden Otavi not penetrated in hanging wall Kombat Otavi Detachment Evidence of Oil in Otavi footwall Abenab VE ~1.5:1 ✓ Play opening well ✓ Proved workin
Slide 14: Comparison of Naingopo, Kambundu and Prospect I
Comparison of Naingopo, Kambundu and Prospect I Prospect I Naingopo Kambundu GR DEPTH (TVD seismic) S S S Detachment S 4250 MD PTD2 S S S S Abenab Abenab Detachment Abenab ✓ Thick Otavi ~1800 m ✓ Otavi section in hanging wall not penetrated ✓ Otavi significantly shallower than Naingopo ✓ Continuous
Slide 15: Prospect I Attributes
Unlocking the Damara Fold Belt Potential Prospect I Attributes Prospect I Prospect I NW SE Kombat BSM Depth Structure NW KB22-014 SE D1 MULDEN Karoo D1 D2 Mid. Mulden OTAVI C.I. 50m Kombat ✓ Well defined structural closure BSM VE 2:1 TWT ✓ Shallow depth of Otavi ✓ Continuous seismic reflector packag
Slide 16: Kambundu Prospect
Unlocking the Damara Fold Belt Potential Kambundu Prospect Kambundu-1X Kombat BSM Depth Structure W KB22-130 E P5 Karoo Base Karoo Lead RR Unconformity D6 P3 P5 Mid. Mulden C.I. 50m TWT Kombat BSM Kambundu (P) Attributes: Large 4-way dip closures at Mulden Otavi Stacked reservoirs; shallow matur
Slide 17: 3D Seismic Program in 2025
3D Seismic Program in 2025 Better Imaging 2024 Seismic Parameter Testing ➢ Targeting ~500 kms2 of 3D seismic ➢ Vibroseis provides quality high-resolution 3D data ➢ Tighter spacing of receivers provides more comprehensive imaging ➢ Potential for both the Kavango Rift Basin and Damara Fold Belt ➢ Acqu
Slide 18: Monetization Options
Monetization Options Oil | Early Production System Phase 1.a) Trucking to Walvis Bay Early Production System Phase 1.b) Rail to Walvis Bay Short Cycle to Cash Flow Phase 2 Longer term pipeline solution to be integrated into development ➢ Proximity to high quality road, rail and port infrastructure ➢
Slide 19: 2025 Catalysts and Activity
2025 Catalysts and Activity 2025 OPERATIONAL SCHEDULE1 2025 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Jarvie-1 Rig Drilling Planning Damara FB -Drilling Prospect I Damara FB - Appraisal Drilling2 3D Seismic Program 3D Seismic Planning 3D Seismic Acquisition ➢ Completed drilling Naingopo well i
Slide 20: ESG | Lasting Commitments
ESG | Lasting Commitments Create lasting ESG program for social and economic benefit for Namibians and Botswana COMMUNITY EMPLOYMENT ECOSYSTEMS Lasting Commitment Active Engagement with Local Strict adherence to regulations, Communities environmental and global best practices Drilled 36 solar powere
Slide 21: ReconAfrica 2.0 Investment Highlights
ReconAfrica 2.0 Investment Highlights ➢ Seasoned exploration team with track record of finding oil and gas Experienced Management Team ➢ Experience in Rift Basin and Fold Belt exploration ➢ Upcoming exploration drilling on Prospect I Near Term Catalysts ➢ Potential appraisal drilling pending results
Slide 22: Contact
BRIAN REINSBOROUGH, CEO GRAYSON ANDERSEN, VP Capital Markets 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, Na
Slide 23: Appendix
Appendix
Slide 24: Disclosure Regarding Prospective Resources
Disclosure Regarding Prospective Resources The report of Netherland, Sewell & Associates, Inc. (“NSAI”) entitled “Estimates of Prospective Resources to the Reconnaissance Energy Africa Ltd. Interests in Certain Prospects and Leads located in PEL 73, Kavango Basin, Namibia as of March 31, 2024” (the
Slide 25: Disclosure Regarding Prospective Resources
Disclosure Regarding Prospective Resources 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 Thrust Be
Slide 26: Disclosure Regarding Prospective Resources
Disclosure Regarding Prospective Resources 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 Play pla
Slide 27: Disclosure Regarding Prospective Resources
Disclosure Regarding Prospective Resources 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 petroleum explora
Slide 28: Disclosure Regarding Prospective Resources
Disclosure Regarding Prospective Resources 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 Belt pl
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