ReconAfrica: An emerging energy giant from Canada

ReconAfrica is a Canadian oil and gas company engaged in the opening of the newly discovered deep Kavango Sedimentary Basin, in the Kalahari Desert of northeastern Namibia and northwestern Botswana. The Company holds petroleum licenses comprising approximately 8.5 million contiguous acres.

Operations

Processing of the first 450 kms of 2D seismic data acquired in the Kavango Basin was recently completed with excellent results. The initial interpretation is near complete and has delineated a diverse group of high-quality prospects for the upcoming three to six well drilling program.

Relevant to the current list of seismically defined prospects, a second 2D seismic acquisition program comprising approximately 500 kms has been designed. As a result, a corresponding update to the seismic Environmental Impact Assessment (EIA) has been submitted to the Ministry of Environment, Forestry and Tourism for approval. Subject to the appropriate approvals, the second 2D seismic program is scheduled to commence by the end of February 2022. A more detailed drilling schedule for H1 2022 will be provided as soon as all permits are approved by the Namibian government.

Environment, Social and Governance

As part of the previously announced comprehensive ESG program dedicated to the Kavango East and Kavango West regions, the Company is supporting the Namibian Ministry of Health and Social Service's COVID-19 response by donating N$15 million (CDN$1.27 million) for a proactive roll-out vaccination campaign for the hard-to-reach, remote villages, and settlements in Kavango East and Kavango West. In the first month, the campaign has recorded over 8,000 initial vaccinations, over 1,200 second doses and 100 boosters. 52 of the 81 planned villages have been covered to date. ReconAfrica is also assisting with oxygen provision and mortuary services support.

ReconAfrica conducts ongoing engagement programs, led by its Community Liaison Officers and Community Engagement teams, to ensure a steady flow of communication, in local languages, with impacted and interested stakeholders, Traditional Authorities, Conservancies, Communities and other interest groups. Specifically, the Company has conducted more than 300 community engagement sessions related to the drilling and 2D seismic programs to share information and track stakeholder feedback. 

Board of Directors

The Company is pleased to announce the appointment of Craig Steinke as a director and executive Chairman of the Board. Steinke, the founder of ReconAfrica, has played a pivotal role since inception in the development of ReconAfrica through his private energy consulting practice. Steinke has over 25 years of experience in identifying, successfully developing and financing oil and natural gas exploration and production projects in North America, Latin America, Europe and Asia. Additionally, through his privately held company, Steinke plays an active role leading a diversified team, in generating new sources and technologies for sustainable energy.

Leaving the board of directors is Jay Park, one of the Company's early stage and significant shareholders, has served the Company and its predecessor Reconnaissance Oil as its Chief Executive Officer from May 2018 to August 2020, and then as the Company's executive Chairman. Park will continue to take the leading role in advising ReconAfrica on all oil and gas legal matters through Park Energy Law where he is Managing Partner.

Joining the Board of the Company is Dr. Joseph R. Davis. Dr. Davis has 40 years of experience as an oil and gas geologist focused on reserve estimation and understanding exploration risk. Dating back to 2013, Dr. Davis led the technical team in the original discovery of the Kavango basin. In 2015 Dr. Davis was a founding partner of a private US based natural gas company, focused on sustainable natural gas production, achieving natural gas production of over 800mmcf/day. Dr. Davis has a PhD in Geology from the University of Texas and serves as Secretary of the Trustee Associates of the American Association of Petroleum Geologists (AAPG) Foundation. He also serves on the AAPG's Sustainable Development Committee, which provides industry leadership in technology and training for meeting United Nations sustainable development goals, including reducing greenhouse gas emissions, protecting ground and surface water supplies, and defining the reservoirs necessary for carbon storage and sequestration. 

Retiring from the board of directors but retaining an active role with the company as Geoscience advisor is Dr. James Granath, who has served as a director of the Company from August 2019. Dr. Granath's new role focuses on the structural geology aspects of exploring and developing the Kavango Basin. The Company thanks Dr. Granath for his major contribution to the Board of ReconAfrica and is pleased that he will be providing continued technical deliverables for the exploration and development of the Kavango basin.