(Oil & Gasoline 360) – April 17, 2025, Calgary, Alberta, Canada – Reconnaissance Vitality Africa Ltd. (the “Firm” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) broadcasts an settlement for a joint exploration venture in Angola with the Agência Nacional de Petróleo, Gás e Biocombustíveis or Nationwide Oil, Gasoline and Biofuels Company (“ANPG”).
ReconAfrica has entered right into a Memorandum of Understanding (“MOU”) with ANPG for a joint exploration venture within the Etosha-Okavango basin, positioned onshore in southeastern Angola. ANPG is Angola’s nationwide concessionaire and regulator.
The settlement is a strategic addition to the Firm’s asset portfolio, which creates a possibility for early entry into onshore Angola at a low price, with minimal work commitments. It enhances ReconAfrica’s actions in Namibia and highlights the potential of the Damara Fold Belt and Rift Basin by including 5.2 million acres in Angola to the prevailing 6.3 million acres in Namibia within the extremely potential Damara Fold Belt and Rift Basin exploration performs.
Brian Reinsborough, President and CEO of ReconAfrica acknowledged: “The encouraging technical outcomes from our latest Naingopo exploration effectively on PEL 73 onshore Namibia have strengthened our perception within the important hydrocarbon potential of the Damara Fold Belt play. Our regional geological fashions point out that the promising Fold Belt play, recognized for internet hosting among the world’s largest fields and protecting in depth areas, probably extends into Angola.
“Because of this, we’re excited to be getting into right into a strategic MOU with ANPG. Latest regulatory reforms make Angola a gorgeous jurisdiction for brand spanking new oil and gasoline exploration, and we look ahead to working with ANPG and Sonangol as we progress our exploration initiatives.
“This important transaction underscores the Firm’s strategic focus and enhances our actions in Namibia, highlighting the potential inside each the Damara Fold Belt and Rift Basin performs. It additionally aligns with our concentrate on creating important worth for our shareholders as an early mover into potential hydrocarbon basins with important acreage positions. We look ahead to implementing our ESG and neighborhood outreach applications and creating employment for the individuals of the Okavango area.”
Possession curiosity within the MOU Space can be ReconAfrica with an 80% working curiosity and Sonangol with a 20% working curiosity. ReconAfrica can have unique rights in the course of the MOU time period.
Beneath the phrases of the MOU, ReconAfrica will provoke and coordinate geological research, conduct a regional oil and gasoline seep examine, and plan for a 2D seismic program, in addition to carry out detailed geochemical evaluation and sampling of any oil and gasoline seeps recognized throughout the MOU space, over a 24-month interval.
Different Upcoming Initiatives for ReconAfrica
ReconAfrica is getting ready to start drilling on Prospect I onshore Namibia, which is positioned 47 kilometres (29 miles) from the MOU space in Angola and is the Firm’s largest prospect to be drilled up to now. It’s concentrating on 365 million barrels of unrisked and 32 million barrels of risked potential mild/medium oil sources(1), or 1.9 trillion cubic ft of unrisked and 140 billion cubic ft of risked potential pure gasoline sources(1), on a 100% working curiosity foundation, primarily based on the latest potential sources report ready by Netherland, Sewell, & Associates, Inc. (“NSAI”), an unbiased certified reserves evaluator. Prospect I is famous as location 63 within the NSAI report.
- There isn’t a certainty that any portion of the sources can be found. If found, there isn’t a certainty that it is going to be commercially viable to provide any portion of the sources. Potential sources are these portions of oil estimated, as of a given date, to be doubtlessly recoverable from undiscovered accumulations by utility of future improvement initiatives. Potential sources have each an related probability of discovery and an opportunity of improvement. Potential sources are the arithmetic sum of a number of likelihood distributions. Unrisked potential sources are estimates of the volumes that might fairly be anticipated to be recovered within the occasion of the invention and improvement of those prospects.
Map of MOU Space
DRILLING SCHEMATIC – PROSPECT I
PROSPECT I ATTRIBUTES
About ReconAfrica
ReconAfrica is a Canadian oil and gasoline firm engaged within the exploration of the Damara Fold Belt and Kavango Rift Basin within the Kalahari Desert of northeastern Namibia, southeastern Angola, and northwestern Botswana, the place the Firm holds rights to petroleum licences comprising over 13 million acres. The Firm can be drilling its subsequent effectively, Prospect I which is positioned onshore Namibia in Petroleum Exploration Licence 073 (“PEL 73”). This would be the Firm’s largest exploration prospect drilled up to now. In all elements of its operations, ReconAfrica is dedicated to minimal disturbance of habitat consistent with worldwide requirements and implementing environmental and social finest practices in all of its venture areas.
Neither the TSXV nor its Regulation Providers Supplier (as that time period is outlined in insurance policies of the TSXV) accepts accountability for the adequacy or accuracy of this launch.
For additional data contact:
Brian Reinsborough, President and Chief Govt Officer | Tel: +1-877-631-1160
Grayson Andersen, Vice President Investor Relations | Tel: +1-877-631-1160
IR Inquiries Electronic mail: traders@reconafrica.com
Media Inquiries Electronic mail: media@reconafrica.com
Cautionary Be aware Concerning Ahead-Trying Statements:
Sure statements contained on this press launch represent forward-looking data beneath relevant Canadian, United States and different relevant securities legal guidelines, guidelines and rules, together with, with out limitation, statements with respect to the potential of the Damara Fold Belt and Rift Basin performs into Angola and Namibia, actions outlined by the MOU, the negotiation of an exploration licence in Angola, the actions proposed beneath the profitable negotiation of an exploration licence, statements with respect to the timing of the drilling of Prospect I, the potential of the Damara Fold Belt, the drilling depth of Prospect I, the Firm’s dedication to minimal disturbance of habitat, consistent with finest worldwide requirements and its implementation of environmental and social finest practices in all of its venture areas. These statements relate to future occasions or future efficiency. The usage of any of the phrases “might”, “intend”, “anticipate”, “imagine”, “will”, “projected”, “estimated” and related expressions and statements regarding issues that aren’t historic information are supposed to establish forward-looking data and are primarily based on ReconAfrica’s present perception or assumptions as to the result and timing of such future occasions. There may be no assurance that such statements will show to be correct, because the Firm’s precise outcomes and future occasions might differ materially from these anticipated in these forward-looking statements on account of the elements mentioned within the “Danger Components” part within the Firm’s annual data type dated July 29, 2024, accessible beneath the Firm’s profile at www.sedarplus.ca. Precise future outcomes might differ materially. Varied assumptions or elements are sometimes utilized in drawing conclusions or making the forecasts or projections set out in forward-looking data. These assumptions and elements are primarily based on data at present accessible to ReconAfrica. The forward-looking data contained on this launch is made as of the date hereof and ReconAfrica undertakes no obligation to replace or revise any forward-looking data, whether or not on account of new data, future occasions or in any other case, besides as required by relevant securities legal guidelines. Due to the dangers, uncertainties and assumptions contained herein, traders mustn’t place undue reliance on forward-looking data. The foregoing statements expressly qualify any forward-looking data contained herein.
Disclosure of Oil and Gasoline Info:
The report of Netherland, Sewell & Associates, Inc. (“NSAI”), an unbiased certified reserves evaluator, entitled “Estimates of Potential Assets to the Reconnaissance Vitality Africa Ltd. Pursuits in Sure Prospects and Leads positioned in PEL 73, Kavango Basin, Namibia as of March 31, 2024” (the “NSAI Report”) and the possible useful resource estimates contained therein and on this press launch have been ready by NSAI, an unbiased certified reserves evaluator, with an efficient date of March 31, 2024. The NSAI Report was ready in accordance with the definitions and pointers of the Canadian Oil and Gasoline Analysis Handbook (the “COGE Handbook”) ready by the Society of Petroleum Analysis Engineers (“SPEE”) and Nationwide Instrument 51-101 – Requirements of Disclosure for Oil and Gasoline Actions (“NI 51-101”). For extra data in regards to the dangers and the extent of uncertainty related to restoration of the possible sources detailed herein and within the NSAI Report, the numerous optimistic and damaging elements related to the possible sources estimates detailed herein and within the NSAI Report and an outline of the venture to which the possible sources estimates detailed herein and within the NSAI Report applies are contained throughout the NSAI Report, a duplicate of which has been filed with the Canadian Securities Directors and is offered beneath the Firm’s issued profile on SEDAR+ at www.sedarplus.ca. The NSAI Report was filed on SEDAR+ on July 29, 2024 beneath the “Different” doc kind.
The possible sources proven within the NSAI Report have been estimated utilizing probabilistic strategies and are depending on a petroleum discovery being made. If a discovery is made and improvement is undertaken, the likelihood that the recoverable volumes will equal or exceed the unrisked estimated quantities is 90 p.c for the low estimate, 50 p.c for the very best estimate, and 10 p.c for the excessive estimate. Low estimate and excessive estimate potential sources haven’t been included within the NSAI Report. For the needs of the NSAI Report, the volumes and parameters related to the very best estimate situation of potential sources are known as 2U. The 2U potential sources have been aggregated past the prospect and lead degree by arithmetic summation; subsequently, these totals don’t embody the portfolio impact that may outcome from statistical aggregation. Statistical rules point out that the arithmetic sums of a number of estimates could also be deceptive as to the volumes which will really be recovered.
