Reconnaissance Energy Africa Ltd.

Canaccord Genuity Acts as Sole Underwriter to Reconnaissance Energy Africa Ltd. on its C$47.5 Million Bought Deal Public Offering of Units

Canaccord Genuity is pleased to announce that on March 1, 2022, Reconnaissance Energy Africa Ltd. (TSX-V: RECO) ("ReconAfrica" or the "Company") closed its previously announced bought deal of units consisting of one common share and one common share purchase warrant for gross proceeds of C$47.5 million (the “Offering”).  The Company intends to use the net proceeds of the Offering for drilling and seismic operations in the Kavango Sedimentary Basin, as well as for working capital and general corporate purposes.

ReconAfrica is a Canadian oil & gas company engaged in the opening of the newly discovered Kavango Sedimentary Basin, in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum licences comprising approximately 8.5 million contiguous acres.  In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat, in line with best international standards, and will implement environmental and social best practices in all of its project areas.

The deal team was led by Andrew Birkby and Ron Sedran, and included senior support from Jamie Brown and execution support from Lily Yu.