Reconnaissance Energy Africa Ltd. progressed its joint venture process to the next level of detailed discussions and continues to negotiate contract terms relating to its farm out process. In its review, Management has placed a strong emphasis on negotiating terms that will enable the Company to execute a multi-well exploration drilling program targeting wells in both the Damara Fold Belt and Rift Basin plays over the next 12 to 24 months. Results from these discussions are expected to conclude in the next several weeks.