Reconnaissance Energy Africa Ltd. (TSXV:RECO) entered into a letter of intent to acquire Renaissance Oil Corp. (TSXV:ROE) for approximately CAD 120 million on April 19, 2021. Reconnaissance Energy Africa Ltd. entered into a definitive agreement to acquire Renaissance Oil Corp. (TSXV:ROE) on May 18, 2021. Under the terms of agreement, Reconnaissance Energy will issue to each holder of a Renaissance share 0.046 of a common share of Reconnaissance Energy. As part of the transaction, all outstanding options and warrants of Renaissance will be exercisable to purchase Reconnaissance Energy Shares. Following the completion of the transaction, current shareholders of Renaissance will hold approximately 20.3 million shares or 11.36% of the fully diluted issued and outstanding shares of Reconnaissance Energy. As of May 19, 2021, following the completion of the transaction, current shareholders of Renaissance will hold approximately 20.4 million shares or 10.76% of the fully diluted issued and outstanding shares of Reconnaissance Energy.

The completion of the transaction is subject to, among other things; completion of satisfactory due diligence by both parties, negotiation of a definitive agreement and the entering into of a binding definitive agreement, entering into by the directors and officers of Renaissance of support and lock-up agreements on terms satisfactory to Reconnaissance Energy to vote in favour of the transaction, approval of the TSXV, shareholders' approval, any competition or foreign investment approvals and any required third-party consents. As of May 19, 2021, according to the definitive agreement, the completion of the transaction is subject to approval of at least two-thirds of the votes cast by Renaissance securityholders at Renaissances' upcoming annual general and special meeting to be held on July 8, 2021, to the satisfaction (or waiver) of a number of conditions precedent, including, but not limited to receipt of all regulatory approvals, including the approval of the Supreme Court of British Columbia, any competition or foreign investment approvals, the approval of the TSXV and any required third-party consents The Boards of Directors of each of Reconnaissance Energy and Renaissance, respectively, have unanimously approved the transaction and the Board of Renaissance recommends its securityholders to vote in favour of the transaction. Renaissance securityholders representing approximately 14.74% of all outstanding Renaissance securities have entered into voting and support agreements with Reconnaissance Energy in support of the transaction. The parties have agreed to a 30-day exclusivity period to, among other things, negotiate and settle a definitive agreement. As of July 7, 2021, Renaissance Oil Corp's Board of Directors, has decided to postpone the annual general and special meeting of securityholders (the "Meeting") for the votes cast by Renaissance securityholders, from July 8, 2021 to July 13, 2021. As of July 12, 2021, the hearing of the application for a final order in respect of the transaction has been rescheduled to July 15, 2021. On July 13, 2021, the transaction has been approved by Renaissance shareholders. As of July 26, 2021, ReconAfrica has received the acceptance of the TSX Venture Exchange ("TSXV") to list the common shares of ReconAfrica to be issued to Renaissance shareholders on the TSXV. The transaction is expected to close in July 2021. As of July 15, 2021, the closing of the transaction is currently anticipated to occur on or about July 21, 2021. As of July 26, 2021, the transaction is expected to close on or about July 27, 2021. Canaccord Genuity Corp. acted as financial advisor and fairness opinion provider to the Board of Directors of Renaissance.

Reconnaissance Energy Africa Ltd. (TSXV:RECO) completed the acquisition of Renaissance Oil Corp. (TSXV:ROE) on July 27, 2021. The Renaissance Shares are expected to be delisted from the TSXV at the close of trading on July 29, 2021. Dodson, Kimberly, Harasym, Christopher and Traub, Jennifer of Cassels Brock & Blackwell LLP acted as legal advisor to Reconnaissance Energy Africa Ltd.