ReconAfrica's First Quarter Highlights and Financial Update
CALGARY, Alberta — Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) shared its fiscal first quarter disclosures for the three-month period concluding March 31, 2025. This includes the unaudited consolidated financial statements and Management's Discussion and Analysis.
Insights from the Leadership
Brian Reinsborough, President and CEO, addressed stakeholders: "We are thrilled about the progress on Prospect I, which is shaping up to be our largest exploration venture to date. We are also excited about newly gained access to over five million acres in Angola, working closely with our partner, ANPG, to explore this vast territory. Our commitment to all stakeholders is to handle this evaluation process with integrity and responsibility, ensuring cooperation with shareholders, local governments, and local communities.
Key Developments and Announcements
Recent Highlights
For the first quarter ended March 31, 2025, and in the subsequent period, we have announced several significant developments:
- On January 29, 2025, the Namibian Ministry of Mines & Energy approved a farm-down agreement with BW Energy, granting them a 20% Working Interest in Petroleum Exploration License 073.
- January 30, 2025, marked a pivotal moment when the Naingopo exploration well results led us to select Prospect I for drilling.
- On April 17, 2025, ReconAfrica signed a Memorandum of Understanding with the National Oil, Gas and Biofuels Agency of Angola (ANPG) for a joint exploration project in the Etosha-Okavango basin, adding 5.2 million acres to our portfolio.
- We filed an updated NSAI Report on April 30, 2025, providing further insights into our operations.
- On May 21, 2025, we welcomed Mark Friesen, CFA, as our new Managing Director for Investor Relations and Capital Markets.
Operational Updates on Prospect I
Prospect I, situated onshore in Namibia within Petroleum Exploration License 073, is anticipated to be our most substantial drilling effort thus far. The choice to prioritize this site was greatly influenced by the successful results from the Naingopo prospect, confirming the presence of carbonate reservoirs and oil indications from the Damara Fold Belt.
Our team has engaged actively with local stakeholders, receiving necessary social consents. We are in the process of completing the required permits and regulatory approvals. Pre-construction activities such as road development, de-mining, and site preparation are ongoing. Our commitment to working collaboratively with communities and regulators remains steadfast.
Management is confident in the smooth progression of pre-drill activities leading toward the drilling of Prospect I. We expect the rig to arrive in late June, with drilling following shortly thereafter. Any changes in the drilling schedule are purely logistic; our outlook on the prospectivity remains fundamentally positive.
About ReconAfrica
ReconAfrica is a Canadian oil and gas exploration company focused on the Damara Fold Belt and Kavango Rift Basin across northeastern Namibia, southeastern Angola, and northwestern Botswana. The Company holds approximately 13 million acres under petroleum licenses. In all projects, ReconAfrica champions environmentally responsible practices, ensuring minimal ecological impact while adhering to international standards.
Contact Information
For further inquiries:
Brian Reinsborough, President and Chief Executive Officer
Mark Friesen, Managing Director, Investor Relations & Capital Markets
IR Inquiries Email: investors@reconafrica.com
Media Inquiries Email: media@reconafrica.com
Telephone: 1-877-631-1160
Frequently Asked Questions
What is the main focus of ReconAfrica's exploration efforts?
ReconAfrica primarily focuses on oil and gas exploration in the Kalahari Desert regions of Namibia and Angola, specifically within the Damara Fold Belt and Kavango Rift Basin.
What recent agreements has ReconAfrica established in Angola?
Recently, ReconAfrica has formed a joint exploration partnership with the National Oil, Gas and Biofuels Agency of Angola (ANPG) to explore a significant area of land totaling 5.2 million acres.
How is the drilling process for Prospect I progressing?
The drilling process for Prospect I is on track, with pre-drill activities advancing well. The rig is scheduled to arrive by late June 2025, with drilling expected to commence soon after.
Who are the key executives at ReconAfrica?
Brian Reinsborough serves as the President and CEO, while Mark Friesen is the Managing Director of Investor Relations and Capital Markets.
How can I get more information about ReconAfrica?
You can contact the Company directly via email at either investors@reconafrica.com for investment inquiries or media@reconafrica.com for media-related questions, or call them at 1-877-631-1160.
