Reconnaissance Energy Africa Ltd. announced the spudding of the Naingopo exploration well on Petroleum Exploration Licence 73 "PEL 73), onshore northeast Namibia. The Company spud the Naingopo exploration well in the Damara Fold Belt onshore PEL 73 in northeast Namibia on July 7, 2024. The well will be drilled to a planned total depth of approximately 3,800 metres (12,500 feet), and is expected to encounter multiple reservoir intervals targeting both oil and natural gas.

The Naingopo well is targeting 163 million barrels of unrisked prospective oil resources or 843 billion cubic feet of unrisked prospective natural gas resources, net to ReconAfrica, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates Inc. (NSAI) dated March 12, 2024, and available on the Company's website (the NSAI Report).