ReconAFRICA KAVANGO BASIN TECHNICAL BRIEF TSX-V: RECO OTC: RECAF FRANKFURT: 0XD www.reconafrica.com

HIGHLIGHTS

• ReconAfrica has discovered + licensed a new deep (30,000’) Permian Age in northeast and northwest Botswana “Kavango Basin”

• “All of the worlds basins of this depth produce commercial hydrocarbons” - Bill Cathey, CEO, Earthfi elds Technology, Houston

• ReconAfrica TSX-V RECO holds rights to the entire sedimentary basin, 8.75 million acres

• Same seaway or depositional environment as Shell’s 390 TCF Permian shale (top 10 shale plays worldwide)

• Expecting up to 6,000’ Permian petroleum system supporting large-scale unconventional + conventional plays

• ReconAfrica has acquired a 1,000 HP drilling rig shipping to Namibia for a Q4 2020 drilling campaign

KAVANGO - NEW SEDIMENTARY BASIN

Based on a previously drilled well (ST-1/1964) and the acquisition and interpretation of a high quality (200m spacing) aeromagnetic survey, ReconAfrica has discovered a deep, 30,000’, predominantly Permian aged, rift sedimentary basin in NE NamibiaKAVANGO and NW Botswana BASIN (FIG 01). All of the worlds basins of this depth produce commercial hydrocarbons.

190 MILES 1

2 1 3 Up to 30,000’ of Sedimentary Rock Basin Fill PPS*

*Permian Petroleum System - up to 6000’ thick

ReconAfrica’s Drilling Campaign begins 2020. The main objective is to confirm organic rich shales and conventional FIG 01: 8.75 millionopportunities acre license in Namibia (from surface and Botswana. to basement) ReconAfrica held by ReconAfrica. owns 2.5 million acres in Botswana, and 6.3 million acres in Namibia, for a total property of 8.8 million acres in the Kavango Basin. The Botswana 2.5 million acre permit is subject to a 50% farmout option. PAGE 2 KAVANGO BASIN TECHNICAL BRIEF

REGIONAL KAROO PERMIAN SEAWAY

KAVANGO BASIN ReconAfrica License 73 + 001/2020 OOIP 12 BBO, or OGIP 119 PEL 73 TCF (Sproule estimate) BOTSWANA PEL 001/2020

NAMIBIA Marine (shallow to deep)

KAVANGO BASIN Paralic/deltaic/shoreface Deep Marine KAROO Same depositional environment as Shell’s Deltaic/fluvial/lacustrine organic-rich Whitehill Permian shale play Fluvial-alluvial/peat swamp

SOUTH Continental depocentre

South Africa Karoo Country Borders Shell Whitehill Permian Recoverable 390 TCF ------STARSS rift system (EIA estimate)

ST-1 WELL

Stratigraphic Test #1 was drilled by Etosha Petroleum Company Ltd, in late 1964. The well is west of ReconAfrica’s leasehold, in the Owambo Basin, Namibia. ST-1 lithology log documents the presence of approximately 620 Feet of Permian-Age source shale; thermally immature in this wellbore, as they are too shallow at this location. This ST-1 hydrocarbon source sequence correlates directly to the Permian Whitehill formation in the Main Karoo Basin in South Africa, with TOC up to 14% and U.S. Energy Information Administration gas estimates in excess of 390 TCF, at signifi cantly deeper depths and higher thermal maturities. The ST-1 well is west of the main Kavango Basin, where in the Kavango, the Permian source rocks are expected to be up to 6000’ thick, and more thermally mature due to greater depth (FIG 2).

2 ReconAfrica License Area Owambo Basin Kavango Basin - 190 Miles WEST EAST ReconAfrica First Well ST-1 WELL 2nd Half 2020

5-10X Thickening Anticipated Permian Source Shales Kalahari Encountered at Deeper Depths Improved Thermal Maturation Oil + Gas Hydrocarbon Prone 620 Feet “Etosha Pan” Triassic Karoo-Age Permian Shales Permian Source “Structural Whitehill Formation Shale Hingeline”

Permian Shales Prince Albert Formation “Owambo Deep” Karoo Permian Shales Permian Karoo Dwyka Shale Mulden Group “Kavango Deep” Up to 6000’ Thick Expected

FIG 02: ST1 Lithology supports Karoo Permian Shales throughout ReconAfrica’s Kavango Basin. PAGE 3 KAVANGO BASIN TECHNICAL BRIEF

RIFT BASINS

The Kavango Basin sits on the southern extent of the Southern Trans-African Rift & Shear system (STARSS), which controls the development of the basin and the potential for hydrocarbon accumulations. Rift basins occur wherever plate tectonic processes have stretched the continents or caused them to separate and drift apart (FIG 03). They defi ne the major continental oil and gas fi elds today in continental Africa, and contain the majority of the world’s oil and gas in conventional traps. The United States Geological Survey (USGS) estimates conventional resources of 13.4 BBO and 3.6 TCF of Gas in the East Africa Rift System, northeast of the Kavango basin. ReconAfrica’s technical team has sourced, gathered and integrated all this data to better understand both unconventional and conventional horizons that will be targeted with the initial drilling program, intent on proving an active petroleum system capable of producing economic quantities of hydrocarbons in 2020.

FIG 03: Formation of intercontinental rift basin. 3

Upper

PERMIAN BASINS

The Kavango is of overall Permian age, time equivalent, and similar depth to the famous “Permian Basin” in Texas and New Mexico, one of the world’s “Super Basins” with signifi cant production from multiple reservoirs and source rocks. The Permian is a time of overall global sea level rise and basin forming, leading to the deposition of organic, hydrocarbon rich strata. In both the American and southern Africa Permian basins, formation of thick sections of deep marine and lacustrine sediments takes place as these basins are forming, thus growth of the thickest sections occurs in the deepest part of the basin as it forms. In the Kavango Basin, the existence of this organic shale is proven by the ST-1 well, which is located due west of the basin. PAGE 4 KAVANGO BASIN TECHNICAL BRIEF

DEEP KAVANGO BASIN

4 Unconventional Plays - Thick Permian Shales Original Oil In Place 17 BBO

Conventional Permian - Triassic Plays Original Oil In Place 14 BBO

• INITIAL 3 WELL DRILLING PROGRAM Initial 3 Well Drilling Program • Proves Active Permian Hydrocarbon System • Conventional and Unconventional Traps Secondary Wells

Additional Drilling Locations

Botswana Property Line

Namibia Property Line

e " rospectiv " Non - P " N o " n ss - e P c r c o A s d p te e ic c tr t s iv e e R " "

NAMIBIA Kavango Basin 6.3 MILLION ACRES " e Eastern Breakaway Fault v i t

c s " e s p ce s c o A r P

d - te ic n tr o es N R " "

" e iv ct pe " No os n - Prospective " r - P on N BOTSWANA " 2.45 MILLION ACRES

0 6,298 12,596 18,894 METERS

FIG 04: Play Map / Deep Kavango Basin. Includes all initial, secondary and additional drilling locations.

With support of a new extended, high density Aero-Mag survey and Halliburton’s advanced LithoTect ® technology, and other new ancillary data, the Company’s technical team has generated a thorough understanding of how this deep Permian rift basin developed. Specifically, the Company has been able to identify the faulting system throughout the basin, responsible for developing potential conventional fault and stratigraphic hydrocarbon bearing structures. This work builds on the unconventional potential previously identified for Kavango Basin. PAGE 5 KAVANGO BASIN TECHNICAL BRIEF

SHALE PLAY VALUATION BY ACREAGE (US$) (BASED ON DATA FROM USA, AUSTRALIA + ARGENTINA)

PROGRESS IN COMMERCIALIZATION INCREASES MARKET VALUE OF ACREAGE

$21,000 PRICE PER ACRE >$20,000

$18,000

$15,000 • Success with ReconAfrica’s 3-well program will bring license $12,000 to “Undeveloped” stage.

• At current share price, $9,000 investors in ReconAfrica buy into Kavango Basin at

$3,000

$850 $0 $40

TRENDS UNDEVELOPED APPRAISAL PRODUCTION US$40/Acre US$850/Acre US$4000/Acre >US$20,000/Acre

• Regional geology • Logs, seismic • Successful tests • Production history • Old logs, seismic • Oil + gas shows • Production from horizontals •100s of wells drilled • Test • Modern frac simulations Source: Dolmen Broker Report, Bloomberg & Reuters

ACQUIRED CROWN 750 RIG - FEBRUARY, 2020

The Crown 750 was US manufactured and has never been used. The rig is 1000 Horsepower equipped with two CAT 540 Horsepower Diesel engines, combined with a 440,000 pound hook load. Consequently the rig is rated to drill 12,000 vertical feet. The rig is currently being outfi tted with a best-in-class top drive system (for faster drilling rates) and ancillary equipment to acclimate the rig for drilling in the . Thereafter, the rig will be shipped directly by sea from the Port of Houston to the Port of Walvis Bay, Namibia. Once in Walvis Bay the rig will be transported over land by way of the paved highway directly to the Company’s Kavango Basin license area in NE Namibia. PAGE 6 KAVANGO BASIN TECHNICAL BRIEF

MEET THE TECHNICAL TEAM RECONAFRICA’S TECHNICAL TEAM HAVE THE SPECIALIZED EXPERTISE AND TRACK RECORD REQUIRED FOR THE SUCCESSFUL EXPLORATION OF THE COMPANY’S NAMIBIA ASSETS.

MR. SCOT EVANS, COO / GEOLOGIST Scot Evans is an energy industry leader with a combined 35 years of experience with Exxon and Halliburton. In his last position, Mr. Evans served as Vice President of Halliburton’s Integrated Asset Management and Technical Consulting organizations, where he grew production from 20K to over 100K barrels of oil equivalent per day, creating the equivalent of a Mid-Cap upstream oil company. Mr. Evans’ experience in the US extends to the Delaware, Midland, Eagle Ford and Monterey plays, and internationally in Algeria, Kuwait, India, Russia, Ecuador and Mexico. He is an expert in developing unconventional resources.

MR. DANIEL JARVIE, GEOCHEMIST Mr. Jarvie is globally recognized as a leading analytical and interpretive organic geochemist, having evaluated conventional and unconventional petroleum systems around the World. Most notably, he completed the geochemical analysis for Mitchell Energy, in their development of the Barnett Shale of the Fort Worth Basin, Texas. In 2010, he was awarded “Hart Energy’s Most Infl uential People for the Petroleum Industry in the Next Decade.” Mr. Jarvie is a retired Chief Geochemist for EOG Resources, the largest producer of shale oil resource plays in North America.

MR. BILL CATHEY, GEOPHYSICIST Mr. Cathey, President and Chief Geoscientist of Earthfi eld Technology, has over 25 years of potential fi elds interpretation experience. Mr. Cathey is world-renowned in the fi eld of aero-magnetics with clients including Chevron, ExxonMobil, ConocoPhillips and many other major and large independent oil and gas companies. Mr. Cathey performed the entire aero-magnetic survey interpretation of the Kavango Basin for ReconAfrica.

MR. NICK STEINSBERGER, SVP, DRILLING + COMPLETIONS Nick Steinsberger brings 32 years’ experience in petroleum engineering, drilling and completions, production, and surface facilities to ReconAfrica. Nick began his career with Mitchell Energy in 1988 and help turn the Barnett into the industry’s fi rst commercial shale play reaching peak production of 5.75 Billion Cubic Feet per day in 2012. Based on its success in the Barnett, Mitchell Energy was sold to Devon Energy for $3.1 Billion in 2002.

DR. JAMES GRANATH, DIRECTOR Dr. Granath is a director of ReconAfrica and a member of the company’s technical team. He holds his PhD in Geology from Monash University in Australia, and a BS and MS from the University of Illinois at Champaign Urbana. Dr. Granath is a structural geologist with extensive knowledge in African petroleum exploration. His expertise lies in seismic interpretation and integration with structural analysis, fracture analysis, regional synthesis, and prospect and play evaluation. Dr. Granath spent 18 years with Conoco Inc. in research, international exploration, and new ventures.

MR. DALE MITISKA, GEOLOGIST Mr. Mitiska has 30+ years of geological and operational experience throughout North America, including the Williston Basin/ Bakken shale, the San Juan, the DJ Basins, the Niobrara and Barnett shale, Marcellus, Eagleford and Woodford plays. Geological investigations include regional basin analysis, exploration and development mapping, detailed reservoir analysis and description, prospect generation for clastic and carbonate reservoirs, 2D & 3D seismic acquisition and interpretation, reservoir engineering integration and geological and geophysical computer modeling and mapping.

DR. ANSGAR WANKE, GEOLOGIST Dr. Wanke is a geologist with over 20 years of experience in various fi elds including regional mapping, geochemistry, hydro- and engineering geology, sedimentology and seismic . He joined the University of Namibia geology department in 2008, reviewed and designed several geology curricula, and has been heading the department from 2012 to 2015.

RECONNAISSANCE ENERGY AFRICA LTD. Suite 1500 - 999 W. Hastings St. Vancouver, BC V6C 2W2 Level 1, Devonshire House, One Mayfair Place, London, UK W1J 8AJ +1 604 423 5384 [email protected] +44 (0) 20 3205 7005 [email protected]