ReconAfrica Ltd. and its joint venture partner NAMCOR announced the Ministry of Mines and Energy ("MME") has granted approval of the Second Renewal Exploration Period from 30 January 2024 to 29 January 2026, relating to the approximate 6.3 million acre Petroleum Exploration Licence 73 ("PEL 73"). Under the terms of the Second Renewal Exploration period the Company will acquire additional subsurface data including either; (i) 500 km of 2D seismic data, (ii) 1,200 km2 of Enhanced Full Tensor Gradiometry ("eFTG") data, or (iii) some combination of (i) or (ii) which is considered reasonable. Additionally, the Company will be required to design and drill one exploration or stratigraphic test well.

A minimum dollar commitment equivalent to the above items is also required. The approval of the second Renewal Exploration Period is a key outcome as the Company looks to continue exploring the potential of the Kavango Basin within PEL 73. It is also an important outcome as the Company continues to progress its farm out joint venture process.

The Ministry of Mines and Energy of Namibia. is the State's lead agency in attracting private investment in resources exploration and development through the provision of geo- scientific information on minerals and energy resources, and management of an equitable and secure titles systems for the mining, petroleum and geothermal industries. It also carries prime responsibility for regulating these extractive industries and ensuring that safety, health and environmental standards are consistent with the relevant State and Commonwealth legislation, regulations and policies.