ReconAfrica advances with spudding goal onshore Namibia

Set on accelerating the spud date for Prospect I onshore Namibia, ReconAfrica has completed initial surveying activity, and is now conducting debushing

This will soon be followed bydemining before the spudding process can be initiated by the second quarter of 2025.

Prospect I is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or 1.7 trillion cu/ft of unrisked and 126 bn cu/ft of risked prospective natural gas resources, on a 100% working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell, & Associates, Inc. (NSAI), an independent qualified reserves evaluator . Prospect I is noted as location 63 in the NSAI report.

"We have made great progress in getting Prospect I ready to drill and , as a result, we are accelerating the spud date into Q2 2025. Our in-country teams have commenced community engagement, surveying, debushing and demining activities, which will be followed by construction of a 10 kilometre road and drill pad site.

"Prospect I is one of the largest mapped structures in the Damara Fold Belt, is well imaged from 2D seismic, and demonstrates a four-way dip closure in which we expect to penetrate over 1,500 metres of Otavi reservoir. Drilling at the Prospect I location has been significantly derisked by the results of our first Damara Fold Belt well, Naingopo, which encountered reservoir in the Otavi carbonates, hydrocarbon shows and oil to surface. We are excited to drill this follow-on exploration well as we continue to look to unlock the significant hydrocarbon potential of the Damara Fold Belt," said Brian Reinsborough , President and CEO.