ReconAfrica & NAMCOR Provide Additional Drilling Results and Plans for Next Exploration Phase

Source: 8/5/2021, Location: Africa

Reconnaissance Energy Africa Ltd. and its joint venture partner NAMCOR (the state oil company of Namibia) are pleased to provide, based on the mud logging report and geochemical analysis, more comprehensive data confirming a working conventional petroleum system. The Company also reports on additional drilling results and plans for the next phase of exploration in the Kavango Basin, NE Namibia and NW Botswana.

- The 6-2 well and 6-1 well reached total depths of 2,294 meters (7,526 feet) and 2,780 meters (9,121 feet) respectively.
- The 6-2 well had over 250 meters (820 feet) of hydrocarbon shows while the 6-1 had over 350 meters (1,148 feet) of hydrocarbon shows.
- Both wells had full logging suites, extensive sidewall cores in addition to the full sample analysis of cuttings, and hydrocarbon shows, and were completed to enable the running of vertical seismic profiles in the next month, and potential for re-entry production testing at a later date.
- The Company has now completed all drilling components required to satisfy the work program requirements for an extension of the exploration period on PEL 73.
- The Company will transition to the exploration phase of drilling activity, targeting mapping of the entire leasehold and potential accumulations of recoverable commercial hydrocarbons.

Scot Evans, Chief Executive Officer of ReconAfrica, commented:
"The goal of the stratigraphic test well program, approved by the Namibian government, was to establish the presence of a working conventional hydrocarbon system in this new basin. The results we have achieved from these first two wells have significantly exceeded our expectations. Not only have we encountered a significant number of oil and gas shows over multiple potential zones, they are associated with zones of fracture and matrix porosity. Consistent with a conventional oil and gas play, analysis of the geochemical data from these wells indicates the hydrocarbons are migrated from off structure source(s) (see figure below). The findings of these two wells strongly supports acquiring, processing, and interpreting the first 2D seismic program in the Kavango sedimentary basin and its multiple sub-basins. This is just the beginning; the 6-2 and 6-1 wells provide a positive initial evaluation of a small component within our acreage position of 8,500,000 acres in Namibia and Botswana."

Doug Milham, Chief Executive Officer of Horizon Well Logging Inc. commented:
"Horizon is proud to be part of the team at ReconAfrica and the potential resource that has been discovered with their first two wells. The presence and quality of oil and gas shows encountered while drilling the 6-2 and 6-1 wells was remarkable, with many positive indicators of hydrocarbons encountered throughout both wells. Our sample logging data and analysis has identified significant intervals of oil and natural gas in each of the two wells drilled, with varying characteristics from multiple zones. This is an exciting oil and gas exploration project with world-class potential."

Kawe 6-2 Well
The first stratigraphic test well, the 6-2 in Kawe, Namibia, was drilled to a final depth of 2,294 meters (7,526 feet). The well was left in a state that allows it to be re-entered to run a Vertical Seismic Profile ("VSP") and test potential zones of interest. A total of over 250 meters (820 feet) of conventional migrated light oil, natural gas and natural gas liquids were encountered over three zones. The graph below, completed by Worldwide Geochemistry, Houston, highlights the three hydrocarbon bearing zones, fluid types, hydrocarbon migration, characteristics, and the potential for production testing - Jarvie 6-2 Analysis of Horizon Data. The Company will be running a Vertical Seismic profile (VSP) in this well and combined with the 2D seismic data, will delineate potential structures in and around the well.

Distribution of Hydrocarbon Shows from the 6-2 Well:

Mbambi 6-1 Well
The second stratigraphic test well, the 6-1 in Mbambi, Namibia, was drilled to a final depth of 2,780 meters (9,121 feet). Casing is set to total depth. The well will be left in a state that allows it to be re-entered to run a VSP and potential testing of possible production zones later. A preliminary total of 350 meters (1,148 feet) of oil and natural gas shows were encountered over seven potential zones. The well logging data, cuttings and cores are in the process of being prepared to be shipped to the US for further analysis similar to the 6-2 well.

Next Phase of Exploration Program
With the confirmation of a working conventional hydrocarbon system within the first of a potential five sub basins, the Company and its joint venture partner NAMCOR will be using drilling and 2D seismic data to determine the planning and execution of future drilling locations. In addition to potential production testing results from the 6-2 and 6-1 wells, future drilling locations will target potential hydrocarbon bearing structures from the seismic program with the purpose of achieving commercial levels of oil and natural gas production. It is expected that once the seismic data is acquired, an additional one or two wells will be drilled in 2021 and a further two to four wells drilled in the first half of 2022. Additionally, the acquisition and integrated interpretation of the 2D seismic data will facilitate a farm out joint venture process for the Company which will further accelerate the overall evaluation, exploration, and development of the 8,500,000 acres in Namibia and Botswana.

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