Reconnaissance Energy Africa Ltd. · TSXV:RECO
Reconnaissance Energy Africa — World Outlook Conference February 2025
28 slides from Reconnaissance Energy Africa's conference presentation, February 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 Onshore Namibia WORLD OUTLOOK CONFERENCE - FEBRUARY 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 the Kavango Basin, an evaluation of commercialization will await a successful discovery well to provide critical production test dat
Slide 4: Corporate Snapshot and What's New
RECONAFRICA PURE PLAY WEST AFRICA E&P COMPANY Corporate Snapshot What’s New New CEO and General Counsel Experienced management team New strategy with established track record New SVP Exploration and ~8.1 million acres secured with technical team running room upon success Improved governance with exp
Slide 5: Leadership
Leadership Extensive Exploration Experience 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 Executive Officer SVP Exploration General Counsel & Co
Slide 6: Delivering on new strategy
Delivering on new strategy 2023 2024 2025 Strategy Right Sized the Transforming Potential Reset Company into Performance New CEO and General Counsel Civil Cases Settled Drill Second Exploration Well Q3 Q1 Streamlined the Organization Q2 New SVP Exploration and Team Enhanced Governance Commence Namib
Slide 7: Compelling Investment Opportunity
Compelling Investment Opportunity CYCLE TIME HIGH IMPACT PORTFOLIO MULTIPLE MONETIZATION OPTIONS COST STRUCTURE ADVANTAGE Deepwater resource potential with onshore In oil success case, proximity to existing, Early Productions System allows oil to market cost structure nearby infrastructure allows fo
Slide 8: Namibia Investment Proposition
Namibia Investment Proposition Large Prospective Resources | High Quality Hotspot Investments ▪ Over $10 Billion Majors ▪ Total, Chevron, Azule (BP/ENI), Woodside, Qatar Energy Past 24 months Discovered ▪ Over 11 Billion Bbls and 8.7 TCF Gas(1) Business friendly environment ▪ Multi-party stable parl
Slide 9: Strategic Joint Venture: BW Energy | NAMCOR
Strategic Joint Venture Joint Venture BW Energy | NAMCOR Payment Structure ~US$163 Million Potential Consideration US$16 million Equity investment WORKING INTEREST ▪ Farmed-in for a 20% working interest US$22 million ▪ Pro-rata share of spending on a multi-well exploration program, seismic or additi
Slide 10: Capital Structure and Trading History
Capital Structure and Trading History 1Y TRADING HISTORY – IMPROVING VOLUME $1.80 7,000,000 $1.60 6,000,000 $1.40 5,000,000 $1.20 $1.00 4,000,000 $0.80 3,000,000 $0.60 2,000,000 $0.40 $0.20 1,000,000 $- - 1/2/2024 2/2/2024 3/2/2024 4/2/2024 5/2/2024 6/2/2024 7/2/2024 8/2/2024 9/2/2024 10/2/2024 11/2
Slide 11: Unlocking the Damara Fold Belt
Unlocking the Damara Fold Belt Naingopo Exploration Well Confirms Liquid Potential LEGEND 2D Seismic Line KAVANGO RIFT MARGIN Natural Gas Seep OIL AND NATURAL GAS Damara Fold Belt Prospect/Lead Kavango Rift Basin Prospect ▪ 6 Prospects ▪ 45 Leads ▪ 25 MM Bbls(1) ▪ 485 MM Billion Bbls - Unrisked (1)
Slide 12: Unlocking the Damara Fold Belt Cont'd
Unlocking the Damara Fold Belt Cont’d 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 Resources(1) 100% WI(2) Company WI(2) Kambundu (4 prospects - both Mulden & Otavi Levels
Slide 13: Naingopo Results
Naingopo Results Liquid Hydrocarbons Observed 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 ▪ Significantly de-risked Prospect I W E
Slide 14: Well Comparison
Well Comparison Naingopo | Kambundu | Prospect I Prospect I Naingopo Kambundu GR DEPTH (TVD seismic) S S S Detachment S S 4250 MD PTD2 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
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 package Prospect I ▪ Large 4-way dip closures O
Slide 16: Prospect Kambundu Attributes
Prospect Kambundu Attributes 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 ▪ Large 4-way dip closures at Mulden Otavi ▪ Stacked reservoirs; shallow maturation Detachment S ▪ Closures ~4,500 acres S D
Slide 17: 2025 3D Seismic Program
2025 3D Seismic Program 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 Rift Basin and Damara Fold Belt ▪ Acquisit
Slide 18: Monetization Options
Monetization Options 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 to the use of existing infrastructure 1 Power Gas
Slide 19: 2025 Catalysts and Activity
2025 Catalysts and Activity ▪ Completed drilling Naingopo well in November 2024, targeting to spud Prospect I in Q2 2025 Engineered to ▪ Received Environmental Clearance Certificate (“ECC”) to drill up to 12 wells to July 2026 efficiently drill into conventional ▪ Rig ownership reduces drilling cost
Slide 20: ESG Commitments
ESG Commitments Create ESG social and economic program to benefit both Namibia and Botswana COMMUNITY SOCIAL ECOSYSTEMS ▪ Drilled 36 solar powered freshwater wells ▪ Active and ongoing engagement with local ▪ Strict adherence to regulations, environmental and ▪ Donated C$1.7 MM for health, including
Slide 21: Investment Highlights
INVESTMENT HIGHLIGHTS Near term catalyst Damara liquid potential Attractive risk profile and mitigation Namibia pure play Experienced management 21
Slide 22: Contact
BRIAN REINSBOROUGH, CEO GRAYSON ANDERSEN, Investor Relations 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 WORLD OUTLOOK CONFERENCE - FEBRUARY 2025 TSXV | OTCQX | FRANKFURT
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 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 26: 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 27: 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 petroleum
Slide 28: 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
Reconnaissance Energy Africa — World Outlook Conference February 2025 on 6ix