Reconnaissance Energy Africa Ltd. · TSXV:RECO
Reconnaissance Energy Africa — Investor Presentation (June 2025)
27 slides from Reconnaissance Energy Africa's investor presentation, Jun 4, 2025
Slide 1: Targeting Large Resource Potential Across 11.5 Million Acres Onshore Namibia and Angola
Targeting Large Resource Potential Across 11.5 Million Acres Onshore Namibia and Angola Drilling at Prospect I in the Near Term A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authoriti
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: Corporate Snapshot
RECONAFRICA PURE PLAY WEST AFRICA E&P COMPANY Corporate Snapshot Our Advantage Significant Land Base Proven Executive Team ~13.3-million-acre concessions De-risked Exploration & Technical working petroleum system(1) with Excellence oil shows and gas seeps Drill Program Effective Governance Prospect
Slide 5: Leadership
Leadership World Class Extensive Exploration Experience of Creating Material Value Experience Executive Team Technical Advisory Team y BRIAN REINSBOROUGH CHRIS SEMBRITZKY ADAM RUBIN GITANE DE SILVA NICK STEINSBERGER CARLOS ESCRIBANO JIM OHLMS RODNEY KIRKLAND SVP ESG, Stakeholder Relations Chief Exec
Slide 6: Unique Investment Opportunity
Unique Investment Opportunity Unique Investment CYCLE TIME HIGH IMPACT PORTFOLIO MULTIPLE MONETIZATION OPTIONS COST STRUCTURE ADVANTAGE Significant running room captured in Damara In oil success case, proximity to infrastructure Early Productions System allows oil to market Fold Belt play accelerate
Slide 7: Delivering on Strategy
Delivering on Strategy Delivering on Strategy 2023 2024 2025 Strategy Right Sized the Transforming Potential Reset Company into Performance New CEO and General Counsel Enhanced Governance Closed Angola MOU, Q3 Q2 Q1 First Sustainability Report 5 Million additional acres New SVP Exploration and Team
Slide 8: Strategic Partnership
Strategic Partnership Strategic BW Energy Partners Joint Venture Payment Structure ~US$163 Million WORKING INTEREST Potential Consideration ▪ BW 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
Slide 9: Capitalization Table and Use of Proceeds
Capitalization Table and Use of Proceeds Equity Profile Capitalization Table(1) Use of Proceeds TSXV:RECO Share Price(2) $0.56 ▪ Majority of funds to Drill Prospect I (Kavango West 1X) Basic Shares Outstanding 265.6 Stock Options 24.4 Warrants 58.5 ▪ Working Capital and General Corporate Purposes Di
Slide 10: 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 ▪ Total, Shell, Chevron, Azule (BP/ENI), Woodside, Qatar Energy Discovered over the past 24 months ▪ Over 11
Slide 11: Unlocking the Damara Fold Belt
Unlocking the Damara Fold Belt High Impact Naingopo Exploration Well Confirms Liquid Potential Exploration Namibia LEGEND 2D Seismic Line KAVANGO RIFT MARGIN Natural Gas Seep LIGHT/MEDIUM OIL Damara Fold Belt Prospect/Lead Kavango Rift Basin Prospect ▪ 6 Prospects ▪ 45 Leads Kavango West 1X ▪ 25 MM
Slide 12: 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 Kavango West 1X Makandina Prospect M DAMARA FOLD BELT Prospective Oil Resources(1) 100% WI(2) Kambundu (4 prospects - bot
Slide 13: Naingopo Results
Naingopo Results High Impact Exploration Liquid Hydrocarbons Observed Namibia Pre-Drill W D5.3 E Unconformity Mid. Mulden Kombat ▪ Play opening well Otavi ▪ Proved working petroleum system in Damara Fold Belt 1 Detachment Abenab ▪ Demonstrated oil potential in Damara Fold Belt Post-Drill W D5.3 E ▪
Slide 14: Well Comparison
Well Comparison High Impact Exploration Naingopo | Kambundu | Kavango West 1X (Prospect I) Namibia Kavango West 1X Naingopo Kambundu ▪ Thick Otavi ~2000 m ▪ Otavi section in hanging wall not penetrated ▪ Otavi significantly shallower than Naingopo ▪ Continuous seismic reflectors within Otavi ▪ Disco
Slide 15: Kavango West 1X Attributes
Kavango West 1X Attributes High Impact Exploration Testing ~340 MMBbl Potential Prospect (1,2) Namibia Kavango West 1X Prospect I Kombat BSM Depth Structure NW SE NW KB22-014 SE D1 Karoo MULDEN D1 D2 Mid. Mulden OTAVI C.I. 50m Kombat VE 2:1 BSM ✓ Well defined structural closure TWT Kavango West 1X ✓
Slide 16: Angola
Angola High Impact Exploration Premier Destination for Oil and Gas Exploration Investment Namibia 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 Prove
Slide 17: 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 18: 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 19: Executing Strategy: Near Term Catalysts
Executing Strategy Near Term Near Term Catalysts Catalysts ▪ Completed drilling Naingopo well in November 2024 ▪ Planned drilling of Kavango West 1X 2025 ▪ Acquired 5.2 million acres of land in Angola at low entry costs, significant upside ▪ Received Environmental Clearance Certificate (“ECC”) to dr
Slide 20: Contact
BRIAN REINSBOROUGH, CEO MARK FRIESEN, Managing Director, Investor Relations and 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 Indust
Slide 21: Appendix
APPENDIX JUNE 4, 2025 TSXV | OTCQX | FRANKFURT | NSX
Slide 22: Monetization Options
Monetization Options High Impact 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 23: 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 24: 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 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 crude oil resources to the Company’s 90% interest for each of the prospects and leads location for the Karoo Rift P
Slide 26: 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 27: 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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