ReconAfrica looks back at 2025, ahead at 2026

Mr. Brian Reinsborough reports RECONAFRICA PROVIDES YEAR-END OPERATIONAL UPDATE PROGRESSING PROJECTS IN NAMIBIA, ANGOLA AND GABON Reconnaissance Energy Africa Ltd. has provided a year-end corporate operational update. Brian Reinsborough, president and chief executive officer, commented: "We have had an active and productive 2025 in which we advanced the company on multiple strategic fronts. We completed drilling our second well in the Damara Fold belt resulting in encountering of significant hydrocarbons, extended our acreage position into Angola at a low cost of entry and expanded our asset portfolio into offshore Gabon to help balance our investment risk profile. These actions set the company up for several important milestones in 2026. "We are preparing for the production test at Kavango West 1X next year after only our second exploration well drilled in the Damara Fold belt, a unique position to be in when exploring a new basin. Our teams are working on procuring the equipment needed for this test, which is expected to commence operations by the end of the first quarter of 2026. "While recently visiting Namibia after our Kavango West 1X well results, the partnership group operated by ReconAfrica and including Namcor and BW Energy had the privilege of meeting Her Excellency President Nandi-Ndaitwah. We are grateful for the President's recognition of the significance of hydrocarbons encountered in the Kavango West well and how the partnership can help support onshore hydrocarbon development and the long-term energy supply for Namibia. "In Gabon, we have been receiving seismic and technical data and are advancing that project by preparing for the seismic reprocessing project at Ngulu. "We, at ReconAfrica, wish all our stakeholders a safe and joyous holiday season, and we look forward to keeping everyone updated next year as we progress these projects." Nick Steinsberger, senior vice-president drilling and completions, commented: "We are preparing to conduct a production test on Kavango West 1X, which will allow us to conduct a longer flow period and pressure buildup analysis to better calculate potential production rates and reserve estimates. Early planning suggests that we may test up to eight separate reservoir intervals of interest." Kavango West 1X update After the collection of stratigraphic data from all wells that have penetrated the Otavi formation, the Upper Otavi group has been subdivided into the Huttenberg and Elandshoek formations. As previously disclosed, after extensive wire line logging, the Huttenberg contained approximately 85 metres (approximately 280 feet) of net reservoir with 64 metres (210 feet) of net hydrocarbon pay across a gross interval of approximately 400 metres (approximately 1,300 feet) containing multiple limestone reservoir units. Mud and gas samples have been collected throughout this section and the deeper Elandshoek, and have been sent to the Unites States for analysis. The deeper Elandshoek contained an average of 20 per cent total gas throughout the entire 560 metres (1,837 feet) drilled through the section indicating a hydrocarbon saturated section. The vast majority of the Elandshoek section produced visible oil sheens and oil bubbles in the mud pits at surface. Within this gross section, postwell analysis shows 81 metres (265 feet) of hydrocarbon fluorescence (increased from the previously disclosed 61 metres) observed in cuttings, a direct indicator of hydrocarbons. Indications of fracturing were pervasive based on well logs. Additionally, rapid increases in gas readings after drilling connections indicated hydrocarbons flowing actively toward the wellbore. Gas readings and hydrocarbon presence at the well's total depth of 4,260 metres remained encouraging. Drilling was stopped due to the operational limitations of the rig. Production test ReconAfrica, and its partners, decided to proceed directly to production testing and not to perform a drill stem test, which will allow for more controlled testing of isolated intervals of interest. This decision was made because the 2,000 metres of open hole section posed operational challenges to adequately test the entire gross Otavi reservoir at one time. Production casing and testing equipment are being sourced from multiple international locations. Testing operations are expected to commence in the first quarter of 2026 and are expected to last approximately four to eight weeks. The testing may include the evaluation of up to eight zones of interest with each test lasting five to 10 days. ReconAfrica is the operator of PEL 73 with a 70-per-cent working interest. Its partners are BW Energy (20-per-cent WI) and the National Petroleum Corp. of Namibia (10-per-cent carried WI). Angola memorandum of understanding In April of 2025, the company signed a memorandum of understanding with National Agency for Petroleum, Gas and Biofuels of Angola for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. This agreement is a strategic addition to the company's asset portfolio, which creates an opportunity for early entry into onshore Angola at a low cost, with minimal work commitments. The MOU complements ReconAfrica's activities in Namibia and highlights the potential of the Damara Fold belt and Rift basin by adding access to 5.2 million contiguous acres in Angola to the existing 6.3 million acres in Namibia. Both plays are projected to extend into the Angola MOU area. Current activities include geochemical sampling of surface oil and gas seeps, which is expected to commence in the first quarter of 2026. Gabon, offshore Ngulu block In September of 2025, the company signed a production-sharing contract with the Republic of Gabon and its national oil and gas company, Gabon Oil Company, located in the shallow waters, offshore Gabon. The company is continuing to gather all the available seismic surveys and other technical data that are available on the Ngulu lease, and is sourcing seismic reprocessing vendors. Three-dimensional seismic data covering prospective areas of interest will be received near the end of December, and reprocessing will begin in January, 2026. Following the reprocessing and detailed evaluation of the seismic data, the company plans to deliver a third party resource report outlining the potential of the block. ReconAfrica is the operator of Ngulu with a 55-per-cent working interest. Its partners are Record Resources (20-per-cent WI), Gabon Oil (15-per-cent WI) and the Republic of Gabon (10-per-cent carried WI). About Reconnaissance Energy Africa Ltd. ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold belt and Kavango Rift basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the company holds petroleum licences and access to approximately 13 million contiguous acres. The company also operates the Ngulu block in the shallow waters, offshore Gabon. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas. We seek Safe Harbor.