NEWLY DISCOVERED Kavango Basin - ReconAfrica

AMERICAN PETROLEUM INSTITUTE PRESENTATION

RECO : TSXV ; RECAF : OTCQX ; 0XD : Frankfurt

www.ReconAfrica.com

| November 10, 2020

Kavango BasinNEWLY DISCOVERED

NAMIBIA & BOTSWANA

FORWARD-LOOKING INFORMATION

2

Certain information in this Presentation may constitute "forward‐looking information” within the meaning of Canadian securities legislation. Forward-looking information can be

identified by the use of forward-looking terminology such as “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims”, “potential”, “goal”, “objective”,

“prospective” or variations of such words and phrases or statements that certain actions, events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur. All

statements other than statements of historical facts included in this Presentation constitute forward-looking information, including, but not limited to, statements with respect to

the treatment of Reconnaissance Energy Africa Ltd. (“Reconnaissance” or the “Company”) under the regulatory regimes and laws of the jurisdictions in which Reconnaissance

conducts its business; drilling and completion of wells; facilities costs and the timing and method of funding thereof; expected timing of development of undeveloped reserves;

Reconnaissance’s potential future oil and natural gas production levels; the future performance and characteristics of Reconnaissance’s oil and natural gas properties; the

estimated size of Reconnaissance’s potential oil and natural gas reserves; projections of market prices and costs; projections of supply and demand for oil and natural gas;

expectations regarding the ability to raise capital and to continually add to reserves through acquisitions, anticipated exploration and development activities; future capital

expenditure programs and the timing and method of financing thereof.

Forward-looking information is necessarily based on the beliefs, estimates, assumptions and opinions of the Company’s management on the date the forward-looking information

is made, including assumptions regarding future prices for oil and natural gas; future currency and interest rates; Reconnaissance’s ability to generate sufficient cash flow from

operations; access to debt and/or equity financing to meet its operating costs and future obligations; social, political and economic developments in jurisdictions in which

Reconnaissance conducts its business; Reconnaissance’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner to meet Reconnaissance’s demand;

and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this Presentation in

light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic

and competitive contingencies and uncertainties.

Known and unknown factors and risks could cause the actual results, level of activity, performance or achievements of the Company to be materially different from those

expressed by such forward-looking information, including, but not limited to: volatility in market prices for oil and natural gas; the continuation of the recent global financial crisis

and economic downturn; liabilities inherent in oil and gas exploration activity including operational and environmental risks; uncertainties associated with estimating oil and

natural gas reserves; competition for, among other things, capital, acquisitions, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions;

unanticipated geological, technical, drilling and processing problems; fluctuations in foreign exchange or interest rates and stock market volatility; changes in the laws or

application thereof by the governments of the jurisdictions in which Reconnaissance conducts its business; political, social and economic instability in the foreign jurisdictions in

which Reconnaissance operations; inability to execute on business plans and strategies; increases to capital expenditure programs and the timing and method of financing

thereof; the ability of Reconnaissance to achieve drilling success consistent with management's expectations; higher than expected operating costs; uncertainty with respect to

net present values of future net revenues from reserves; lower than anticipated future production levels from Reconnaissance’s assets; delays with respect to timing and the

bringing on of production; changes to expected plans and costs of drilling; drilling inventory and the presence of oil pools or gas accumulations; increased cost projections; global

supply and demand for oil and natural gas; ability and costs of increasing plant capacity; expected levels of royalty rates, operating costs, general and administrative costs, costs

of services and other costs and expenses; expectations regarding the ability to raise capital and to continually add to reserves through acquisitions, exploration and development;

risks and uncertainties related to infectious diseases or outbreaks of viruses, including the COVID-19 pandemic; and such other risks as disclosed in this Presentation, the

Company’s annual information form for the year ended December 31, 2019, which is available on SEDAR at www.sedar.com under the Company’s profile and the Company’s

continuous disclosure filings. The forward-looking information contained in this Presentation is expressly qualified by these cautionary statements. Although management of the

Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be

other factors that cause results not to be as anticipated, estimated or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions

which may have been used. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those

anticipated by such statements. Readers are advised not to place undue reliance on forward-looking information.

Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update this forward-looking information

if management’s beliefs, estimates or opinions, or other factors, should change.

http://www.sedar.com/

RECO : TSXV ; RECAF : OTCQX

NEWLY DISCOVERED KAVANGO BASIN

➢ 8.75 MM acres covers the entire basin

➢ One of the largest onshore undeveloped hydrocarbon basins in the world

➢ Stable governments - excellent fiscal terms ▪ Licence Contracts

▪ Royalties 5%

➢ Successful Technical Team ▪ In depth knowledge of the basin

➢ Just completed $C23M Capital Raise▪ Twice upsized in response to demand

▪ Fully funded drilling program

➢ Catalyst-rich near term

▪ 1st of 3 wells spuds in Dec 2020 ▪ Drilling program to confirm active petroleum system▪ Significant partnering potential

KEY CAP TABLE STATISTICS

➢ RECO:TSXV ; RECAF:OTCQX➢ Shares outstanding 106.9 MM

➢ Fully diluted 178.1 MM➢ Includes RECO.WT* 34.4 MM

➢ Current Share Price (Nov 5) C$1.07➢ Market Capitalization C$114.4 MM➢ Debt None➢ Insider Ownership** 18%

ReconAfrica controls the entire deep Kavango Basin in Namibia & Botswana

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* Warrants exercisable at C$1.00 until Aug 20, 2025. Forced conversion clause if RECO trades > C$3.00 for 20 trading days** Inclusive of Founder & Escrowed Shares


NAMIBIA AND BOTSWANA - TWO STABLE DEMOCRACIES

Strong Adherence to Rule of Law

Namibia

Former German colony, independent from SouthAfrica since 1990

Infrastructure comparable to developed countries

Vetted by the Majors, competitive petroleum regime

Botswana

Africa's longest standing democracy, former UK colony, sovereign nation since 1966

Fourth most attractive investment destination in Africa** Source – Quantum Global Research Lab

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NAMIBIA & BOTSWANA - LICENCE TERMS

➢ ReconAfrica owns 90% interest in Petroleum Exploration Licence 73▪ NAMCOR (Namibia state oil company) holds

10%

➢ Exploration Period:▪ Exploration period continues to January 2024

o Right to extend to January 2026

➢ 25 year Production Licence follows commercial discovery

➢ Fiscal terms:▪ 5% royalty▪ 35% corporate income tax

➢ ReconAfrica holds a 100% working interest in all petroleum rights from surface to basement▪ Subject to 50% Farm-in option

➢ Exploration Period:▪ Exploration period continues to June 2024

o Right to extend to June 2034

➢ 25 year Production Licence follows commercial discovery

➢ Fiscal terms:▪ Royalties subject to negotiation and range

from 3 to 10%▪ 22% corporate income tax

NAMIBIA BOTSWANA

Globally competitive fiscal regimes

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KAVANGO BASIN, NAMIBIA-BOTSWANASEDIMENT THICKNESS DEPTH TO BASEMENT ANALYSIS

Bill Cathey, President/Chief Geoscientist – Earthfield Technology

6RECO : TSXV ; RECAF : OTCQX

EARTHFIELD USES MAGNETIC AND GRAVITY

ANALYSIS TO MAP THE BASEMENT DEPTH & STRUCTURE

VIA

PROPRIETARY PROFILE BASED DEPTH CALCULATION

SOFTWARE

North America

Depth to Basement

Map

Based on 5000 Meter Spaced Magnetic Data

EARTHFIELD SPECIALIZES IN DEPTH TO BASEMENT ANALYSISWORLDWIDE, SINCE 1987

Earthfield Technology Has Since 1987

- Worked Virtually Every Known Petroleum Basin in

World- Extensive Repeat Client List

- Specialize in Mapping Sediment Thickness via

Magnetic Data Analysis of Basement Depth

Magnetic Data Werner Deconvolution Profile

Measured Magnetic Data

Basement Depth >40,000’

Calculates X&Y Locations, Depth, Dip, and Susceptibility for Each Solution

Very Well Established/Respected Inverse Modelling Technique For Magnetic Depth Determination

TABLE OF MAGNETIC SUSCEPTABILITIES OF ROCKS(Magnetic Mineral Content)

Sedimentary Dolomite 0-75 10

Limestones 2-280 25

Sandstones 0-1660 30

Shales 5-1480 50

Av. Var. Sed. 0-4000 75

(48)

Metamorphic

Amphibolite 60

Schist 25-240 120

Phyllite 130

Gneiss 10-2000

Quartzite 350

Serpentine 250-1400

Slate 0-3000 500

Av. Var. Met. 0-5800 350

(61)

Type Susceptibil ity

Range

106 emu

AveragexType

Susceptibil ity

Range

106 emu

Averagex

Igneous

Granite 0-4000 200

Rhyolite 20-3000

Dolerite 100-3000 1400

Augite-Syenite 2700-3600

Olivine-Diabase 2000

Diabase 80-13000 4500

Porphyry 20-16700 5000

Gabbro 80-7200 6000

Basalts 20-14500 6000

Diorite 50-10000 7000

Pyroxenite 10500

Peridotite 7600-15600 13000

Andesite 13500

Av acid Ign. 3-6530 650

Av. basic Ign. 44-9710 2600

IGNEOUS & METAMORPHIC ROCKS MUCH HIGHER

SUSCEPTIBILITY (MAGNETITE CONTENT) THAN

SEDIMENTARY ROCKS

1000

200

220

200800350

900

500

350

Cesium Vapor Magnetometer accuracy = .001nT

Magnetic Field Strength of Earth = 65,000 nT

MEASURES VERY SMALL DIFFERENCES IN MAGNETIC FIELD = MAGNETITE CONCENTRATIONS DIFFERENCES

Magnetometer Accuracy = 1/100,000,000 OerstedLateral Concentration of Magnetite

Produces Magnetic Anomalies

TOPO MAGNETICS

GRAVITY

MAGNETIC DEPTH PROFILES& LIMITED WELL CONTROL

EARTHFIELD’S BASEMENT ANALYSES

SW NE

MAGNETICS

MAGNETIC DEPTH PROFILES& LIMITED WELL CONTROL

Depth to Basement

EARTHFIELD’S BASEMENT ANALYSES

High-Resolution Namibia Magnetic Data: 200 meters

Exploration Licence 73 Area

Exploration License 73 Area

Namibia Magnetic Data Are Some of The Very Best Data We Have Ever Analyzed

In 2014, Earthfield Was Commissioned By ReconAfrica To PerformA Detailed Analysis Of High-Resolution Magnetic Data In NW Namibia

Depth to Basement250m Contour Interval

THE KAVANGO BASINDEPTH TO BASEMENT

THICKER SEDIMENTS HAVE GREATER HYDROCARBON POTENTIALIN THIS AREA, SEDIMENTS APPEAR TO REACH THICKNESSES IN EXCESS OF 25,000’

PETROLEUM GEOLOGY AND PROSPECTS, KAVANGO BASIN

Scot Evans, CEO - ReconAfrica



CRUSTAL SCALE PROFILE NE NAMIBIA NW BOTSWANA

ST-1

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PERMIAN-TRIASSIC KAROO SUPERGROUP

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PALEOGEOGRAPHIC AND TECTONIC SETTING

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Kavango Basin Southern Trans Africa Rift and Shear System

RESULT; PLAY MAPS DEEP KAVANGO BASIN

Initial 3 Well Drilling Program

• Proves Active Permian Hydrocarbon System• Conventional and Unconventional Traps

RECO : TSXV ; RECAF : OTCQX 19


RECONAFRICA’S COMMITMENT TO DRILLING:CROWN 750 1000 HP DRILL ING RIG

➢ ReconAfrica has acquired the Crown 750 drilling rig – never used

➢ Rig ownership is expected to reduce overall drilling costs by 60%

➢ Upgrades currently being made in Houston - on budget

➢ Shipping to Namibia in Nov 2020

➢ The right rig for the Kavango Basin - mobile and rated to drill 12,000 vertical feet

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PETROLEUM GEOCHEMISTRYDan Jarvie, President - Worldwide Geochemistry LLC


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PETROLEUM GENERATION

Generative

Organic Carbon

(GOCpd wt.%)

Non-Generative Organic Carbon

(NGOCpd wt.%)

Carbon in expelled

petroleum (wt.%)

TOCpd (wt.%)

Subscript “o” means original value

Subscript “pd” means present-day value

with maturation


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Average TOC at high conversion: 3.81%Utilizing a Hydrogen Index of 358 mg/g,Average restored TOC: 5.44%

Difference in TOC is 1.63% or converted to petroleum 460 boe/af

At only 100 ft of source rock thickness, this is 29.5 mmboe/section

PERMIAN WHITEHILL, KAROO BASIN, SOUTH AFRICA


8.1

2.2

6.0

1.5

3.51.8

11.6

2.9

8.6

2.1

5.0

2.5

ST-1 WELL , OWAMBO BASIN, ONSHORE NAMIBIA


ST-1wellcore

samples

1301 m

1489 m

1539 m

1000 m

2000 m

All Restricted Marine or Lacustrine

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Source Rock 1

Hydrogen Index (HI) = 335 mg/gTOC = 2.5%Petroleum Potential = 307 boe/af

Source Rock 2

Hydrogen Index (HI) = 380 mg/gTOC = 5.0%Petroleum Potential = 456 boe/af

Thermal history is constantat a conservative heating rate

Average:HI: 358 mg/gTOC: 3.75%

VERY CONSERVATIVE MIXED SOURCE ROCK PARAMETERS


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0 1 2 3 4 5

TSI: Vitrinite-Easy Ro(%)

0

4

8

12

16

20

24

28

Cu

mu

lati

ve

HC

6+

Exp

elle

d (

mm

stb

/se

cti

on

))

Cumulative HC6+ Expelled (mmstb/section))

Cumulative HC1-5 Expelled (mmboe/section)

Oilexpulsion

PRIMARILY OIL GENERATED AND EXPELLED TO ca. 1.2%Ro


SOURCE ROCK GEOCHEMISTRY E S T I M AT E D P E T R O L E U M G E N E R AT I O N : C O N V E N T I O N A L & U N C O N V E N T I O N A L

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* Source – Daniel Jarvie, Worldwide Geochemistry LLC.


“Given the nature of this basin and the tremendous thickness, this is pretty much a no-brainer… It will be productive and I’m expecting high quality oil”

- Dan Jarvie, Worldwide Geochemistry, LLC -

WRAP UPCraig Steinke, Founder - ReconAfrica

RECO : TSXV ; RECAF : OTCQX 28


MONETIZING THE HYDROCARBONS; H IGH QUA L ITY LOC A L INF RA STRUC TURE

140 miles to railroad access

ReconAfrica License AreaPaved highway runs through License Area to Windhoek

Railroad from Grootfonteinto Walvis Bay

Okavango River

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Local Facilitator:Pioneer Oil and Gas

All surface rights held by Government


RECONAFRICA INVESTMENT CONCLUSIONS

➢ Early Mover : 8.75 million acres – Highly prospective Permian-aged

➢ Excellent fiscal terms – stable regulatory and political environment

➢ Proven technical team – in depth knowledge of the basin

➢ Just completed $C23M Capital Raise

▪ Twice upsized in response to demand

▪ Fully funded drilling program

➢ Catalyst-rich near term

▪ 1st of 3 wells spuds in Dec 2020

▪ Drilling program to confirm active petroleum system

▪ Significant partnering potential

30

2019

Documents

NEWLY DISCOVERED Kavango Basin - ReconAfrica