ReconAfrica Announces a Strategic Partnership with BW Energy to Explore Onshore Namibia and Concurrent C$35 Million Overnight Marketed Offering, Led by C$22 Million Strategic Investment from BW Energy

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CALGARY, Alberta, July 16, 2024 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) announces it has signed a letter agreement (“Letter Agreement”), for a strategic farm down of Petroleum Exploration Licence 73 (“PEL 73”), onshore Namibia with BW Energy Limited (“BW Energy”) (OSE: BWE), for a 20% working interest. In connection with the Letter Agreement, BW Energy has agreed to a strategic equity investment in the Company for US$16 million (approximately C$22 million), pursuant to the brokered equity offering, as defined below.

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