ECAOF
ECO ATLANTIC OIL&GAS ORD
stock OTC

Satellite pictures confirm that construction of the well pad at the Naingopo site are under way and that the drilling rig and associated equipment should be arriving at the site the first week of June and spud shortly thereafter. The following are estimates provided by Netherland Sewell & Associates (NSAI) for the multiple targets in prospect L.
**NSAI PROSPECT L COMPANY GROSS ESTIMATES**
||Undiscovered OOIP/OGIP|Unrisked|Risked|
|:-|:-|:-|:-|
|**Oil**|815.1 Mmbbl|163.0 Mmbbl|13.5 Mmbbl|
|**Gas**|1,297.4 Bcf|843.3 Bcf|58.2 Bcf|
OOIP - Original oil in place
OGIP - Original gas in place
Mmbbl - Million barrels of oil
Bcf - Billion cubic feet

**STOCK INFORMATION**
ReconAfrica trades under the following tickers:
US (OTC): **RECAF**
Canada (TSXV): **RECO**

**The ReconAfrica complete Investor Presentation can be found here:**
# [ReconAfrica Corporate Presentation](https://reconafrica.com/wp-content/uploads/ReconAfrica-Corporate-Presentation-050924.pdf)

**UPSTREAM ONLINE ARTICLE REGARDING RECONAFRICA'S MAY 23, 2024 PRESS RELEASE**
**All signs in Namibia point to June spud date for highly anticipated frontier wildcat ReconAfrica within weeks of spudding onshore Naingopo probe in Kavango basin - and may have a partner by that time.**
Iain Esau
Africa Correspondent London Published 27 May 2024, 06:25
Canada-based junior ReconAfrica is within weeks of spudding what will be a closely watched wildcat in northeast Namibia by which time it may have secured a partner to help fund its exploration efforts. The company operates Petroleum Exploration Licence 73 in the frontier Kavango basin and owns a rig which is set to fire up a two-well exploration campaign next month. Being drilled by the Jarvie-1 rig, the first probe will target the Naingopo prospect located in the Damara fold belt. Major civil works are wrapping up on both the access roads and well pad construction. Members of the drilling crew have arrived in-country to undertake rig maintenance and certification activities which are ongoing ahead of the move of the Jarvie-1 rig to Naingopo. ReconAfrica said all major equipment has been ordered and is either in country or in transit to Namibia. Naingopo could contain 163 million barrels of oil or 843 billion cubic feet of gas, according to a recent resources report prepared by Netherland, Sewell & Associates.
Meanwhile, the operator is in advanced planning to drill the bigger prospect P, also in the Damara fold belt. De-bushing activities are expected to begin in the near term and will be followed by de-mining activities ahead of major civil works starting. This well is expected to spud in the fourth quarter of 2024 — soon after drilling of the Naingopo probe has wrapped up — and is targeting potential resources of 278 million barrels of oil or 1.5 trillion cubic feet of gas. ReconAfrica is also working on securing a partner for PEL 73, and said it has progressed the joint venture process "to the next level of detailed discussions and continues to negotiate contract terms relating to its farm out process". The company said its management has put "a strong emphasis" on negotiating terms that will enable it to execute a multi-well exploration drilling programme in two geological plays over the next 12 to 24 months. Results from these discussions are expected to conclude in the next several weeks, said ReconAfrica. Chief executive Brian Reinsborough added: “Our operations teams and contractors are working diligently to ensure we remain on schedule for a June 2024 spud of the high potential Naingopo exploration well," with the rig due on site early next month. He pointed out that "with the completion of our recent financing, we are well positioned to execute our drilling plans".
**PUBLICLY TRADED COMPANIES INVOLVED IN OFFSHORE & ONSHORE NAMIBIA**
With major discoveries being made offshore, Namibia is currently an exploration hotspot. Recent discoveries have been made by TotalEnergies, Shell, and Galp. Others with interests in Namibia include ExxonMobil, Chevron, Woodside, Eco Atlantic, Sintana Energy, and Pancontinental.
 
$RECO $RECAF $XOM $CVX $TTE $SHEL $GLPEY $SEUSF $SEI $ECAOF $EOG $PCGOF $WDS

Satellite pictures confirm that construction of the well pad at the Naingopo site are under way and that the drilling rig and associated equipment should be arriving at the site the first week of June and spud shortly thereafter. The following are estimates provided by Netherland Sewell & Associates (NSAI) for the multiple targets in prospect L.
**NSAI PROSPECT L COMPANY GROSS ESTIMATES**
||Undiscovered OOIP/OGIP|Unrisked|Risked|
|:-|:-|:-|:-|
|**Oil**|815.1 Mmbbl|163.0 Mmbbl|13.5 Mmbbl|
|**Gas**|1,297.4 Bcf|843.3 Bcf|58.2 Bcf|
OOIP - Original oil in place
OGIP - Original gas in place
Mmbbl - Million barrels of oil
Bcf - Billion cubic feet

**STOCK INFORMATION**
ReconAfrica trades under the following tickers:
US (OTC): **RECAF**
Canada (TSXV): **RECO**

**The ReconAfrica complete Investor Presentation can be found here:**
# [ReconAfrica Corporate Presentation](https://reconafrica.com/wp-content/uploads/ReconAfrica-Corporate-Presentation-050924.pdf)

**UPSTREAM ONLINE ARTICLE REGARDING RECONAFRICA'S MAY 23, 2024 PRESS RELEASE**
**All signs in Namibia point to June spud date for highly anticipated frontier wildcat ReconAfrica within weeks of spudding onshore Naingopo probe in Kavango basin - and may have a partner by that time.**
Iain Esau
Africa Correspondent London Published 27 May 2024, 06:25
Canada-based junior ReconAfrica is within weeks of spudding what will be a closely watched wildcat in northeast Namibia by which time it may have secured a partner to help fund its exploration efforts. The company operates Petroleum Exploration Licence 73 in the frontier Kavango basin and owns a rig which is set to fire up a two-well exploration campaign next month. Being drilled by the Jarvie-1 rig, the first probe will target the Naingopo prospect located in the Damara fold belt. Major civil works are wrapping up on both the access roads and well pad construction. Members of the drilling crew have arrived in-country to undertake rig maintenance and certification activities which are ongoing ahead of the move of the Jarvie-1 rig to Naingopo. ReconAfrica said all major equipment has been ordered and is either in country or in transit to Namibia. Naingopo could contain 163 million barrels of oil or 843 billion cubic feet of gas, according to a recent resources report prepared by Netherland, Sewell & Associates.
Meanwhile, the operator is in advanced planning to drill the bigger prospect P, also in the Damara fold belt. De-bushing activities are expected to begin in the near term and will be followed by de-mining activities ahead of major civil works starting. This well is expected to spud in the fourth quarter of 2024 — soon after drilling of the Naingopo probe has wrapped up — and is targeting potential resources of 278 million barrels of oil or 1.5 trillion cubic feet of gas. ReconAfrica is also working on securing a partner for PEL 73, and said it has progressed the joint venture process "to the next level of detailed discussions and continues to negotiate contract terms relating to its farm out process". The company said its management has put "a strong emphasis" on negotiating terms that will enable it to execute a multi-well exploration drilling programme in two geological plays over the next 12 to 24 months. Results from these discussions are expected to conclude in the next several weeks, said ReconAfrica. Chief executive Brian Reinsborough added: “Our operations teams and contractors are working diligently to ensure we remain on schedule for a June 2024 spud of the high potential Naingopo exploration well," with the rig due on site early next month. He pointed out that "with the completion of our recent financing, we are well positioned to execute our drilling plans".
**PUBLICLY TRADED COMPANIES INVOLVED IN OFFSHORE & ONSHORE NAMIBIA**
With major discoveries being made offshore, Namibia is currently an exploration hotspot. Recent discoveries have been made by TotalEnergies, Shell, and Galp. Others with interests in Namibia include ExxonMobil, Chevron, Woodside, Eco Atlantic, Sintana Energy, and Pancontinental.
 
$RECO $RECAF $XOM $CVX $TTE $SHEL $GLPEY $SEUSF $SEI $ECAOF $EOG $PCGOF $WDS