ReconAfrica Provides Year-End Operational Update Progressing Projects in Namibia, Angola and Gabon

8 hours ago 2

Article content

Production Test

Article content

ReconAfrica, and its partners, decided to proceed directly to production testing and not to perform a drill stem test (“DST”) which will allow for more controlled testing of isolated intervals of interest. This decision was made because the 2,000 metres of open hole section posed operational challenges to adequately test the entire gross Otavi reservoir at one time.

Article content

Production casing and testing equipment is being sourced from multiple international locations. Testing operations are expected to commence in the first quarter of 2026 and is expected to last approximately four to eight weeks. The testing may include the evaluation of up to eight zones of interest with each test lasting 5 to 10 days.

Article content

ReconAfrica is the operator of PEL 73 with a 70% working interest. Its partners are BW Energy (20% WI) and the National Petroleum Corporation of Namibia (“NAMCOR”, 10% carried WI).

Article content

Angola MOU

Article content

In April of 2025 the Company signed a Memorandum of Understanding (“MOU”) with National Agency for Petroleum, Gas and Biofuels of Angola (“ANPG”) ‎for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. This agreement is a strategic addition to the Company’s asset portfolio, which creates an opportunity for early entry into onshore Angola at a low cost, with minimal work commitments. The MOU complements ReconAfrica’s activities in Namibia and highlights the potential of the Damara Fold Belt and Rift Basin by adding access to 5.2 million contiguous acres in Angola to the existing 6.3 million acres in Namibia. Both plays are projected to extend into the Angola MOU area. Current activities include geochemical sampling of surface oil and gas seeps, which is expected to commence in the first quarter of 2026.

Article content

Gabon, Offshore Ngulu Block

Article content

In September of 2025 the Company signed a Production Sharing Contract (“PSC”) with the Republic of Gabon and its national oil and gas company, Gabon Oil Company (“GOC”) located in the shallow waters offshore Gabon. The Company is continuing to gather all the available seismic surveys and other technical data that is available on the Ngulu lease and is sourcing seismic reprocessing vendors. 3D seismic data covering prospective areas of interest will be received near the end of December and reprocessing will begin in January 2026. Following the reprocessing and detailed evaluation of the seismic data, the company plans to deliver a third-party resource report outlining the potential of the block.

Article content

ReconAfrica is the operator of Ngulu with a 55% working interest. Its partners are Record Resources (20% WI), Gabon Oil Company (15% WI) and the Republic of Gabon (10% carried WI).

Article content

About ReconAfrica

Article content

ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences and access to ~13 million contiguous acres. The Company also operates the Ngulu block in the shallow waters offshore Gabon. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas.

Article content

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Article content

For further information contact:
Brian Reinsborough, President and Chief Executive Officer
Mark Friesen, Vice President, Investor Relations & Capital Markets

Article content

Tel: +1-877-631-1160

Article content

Cautionary Note Regarding Forward-Looking Statements:

Article content

Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to progress of the KW1X well, total depth reached, well results including any shows and/or indications of hydrocarbons, timing of well tests, duration and completion of the well test, the ability to source adequately materials needed for the well test in a timely manner, results from production testing, net pay and net reservoir calculations, the results from production and rate testing, extent of natural fractures, success case scenarios, timing and certainty of 3D seismic activity, flow rates, deliverability, whether any additional testing is required, the timing and extent of such testing, timing to procure testing materials ,the MOU, the PSC, oil sheens, gas bubbles and the Company’s commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in its project areas. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica’s current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the “Risk Factors” section in the Company’s annual information form (“AIF”) dated April 29, 2025, for the financial period ended December 31, 2024, available under the Company’s profile at www.sedarplus.ca. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Article content