Reconnaissance Energy Africa Ltd. announced an updated prospective resource estimate supported by a Prospective Resource Report (dated June 22, 2023 with an effective date of March 31, 2023) (the "Report") focused solely on the new Damara Fold Belt gas play (the "Project") located within the Company's Petroleum Exploration Licence ("PEL 73") in the Kavango Basin, NE Namibia in which the Company holds a 90% working interest. ReconAfrica engaged Netherland, Sewell & Associates Inc. ("NSAI"), an independent qualified reserves evaluator based in Texas, to prepare the Report. The significant upgrade in Prospective Resources since the last report, the Prospective Resource Report (dated April 27, 2022 with an effective date of December 31, 2021) (the "April 2022 Report"), is based on and driven by the Company's strategy to fast-track acquisition and processing of an additional 1100 km + of 2D seismic over the Damara Fold Belt play, which was initially discovered in the first phase of 2D seismic acquisition in 2021.

NSAI provided a full Prospective Resource Report pertaining to the Company's area of exploration in PEL 73 in the April 2022 Report (including Canadian Securities Administrators National Instrument Form 51-101F1), and will provide an annual update of the April 2022 Report relating to the Company's prospective resources on the Company's licences located in Northeast Namibia by the end of July 2023 for both major play types, the Damara Fold Belt play as well as the Karoo Rift play, which was the original exploration concept for the licence.