ReconAfrica Extension to the LOI with Namcor

Source: www.gulfoilandgas.com 4/28/2022, Location: Africa

Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) wishes to announce that, further to its announcement on February 6, 2022, it has entered into an extension to the Letter of Intent with its partner, the National Petroleum Corporation of Namibia (PTY) LTD (“NAMCOR”), to acquire half of NAMCR’s 10% carried participating interest in the approximate 6.3 million acres petroleum exploration licence (PEL 73) in the Kavango basin, NE Namibia (the “Transaction”) such that the parties will now work towards entering into a mutually acceptable agreement and other related documents containing the terms and conditions of the Transaction, including those that are customary in international oil and gas transactions, by June 6, 2022.

All terms of the Transaction are otherwise as previously disclosed. The Company will provide further updates in due course. Closing of the Transaction will be subject to the Company receiving all necessary regulatory approvals, including, but not limited to, the acceptance of the TSX Venture Exchange for the issuance of the common shares as partial consideration for the Transaction.


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