The Data Room

ReconAfrica’s SEDAR filings submitted on the 29th of April 2025 can be found here: https://www.sedarplus.ca/landingpage/#scrollTop

ReconAfrica’s Statement of Reserve Data begins with 5 pages of disclaimers and warnings that most everything company says should be construed as a ”Forward looking statement” for example:

”expectations regarding the Company’s interpretation of data and models relating to its assets;”

“the NAMCOR Transaction (as defined herein), being the Company’s acquisition of half of the 10% carried participating interest in the Namibia License (as defined herein) held by NAMCOR (as defined herein);”

and

“the Company’s intention in respect of maintaining sufficient insurance;”

During the 5 pages of warnings, never once does the company disclose the real threat to their operating license in Namibia, which is the appeal of their ECC in 2022. The actual, tangible risks are not disclosed but hidden in pages of generic risks. This is done to hide key facts.

The company finally manages to say however, after all that waffle, that it has found no oil. Despite dressing up the well results as ”significant indications” and ”working petroleum systems”, when it comes time to declare your reserves, they have to admit. They have found absolutely nothing.

Sure there is no oil, but did you know they are also broke. Their MD and A, submitted on the same day states that:

”The Company will require additional financing over and above the April 2024 Offering and July 2024 Offering in order to meet its longer-term business objectives, including drilling operations for Prospect I and all planned seismic activities. This may include debt or equity financing and there can be no assurances
that such financing sources will be available as and when needed.”

ReconAfrica blamed these delays on “costs were higher than originally anticipated due to delays caused by slower drilling rates in the deeper section of the Mulden formation, tight hole conditions while setting casing, and delays procuring replacement parts for the drilling rig” but the delays and the overspending has always been ReconAfrica’s DNA.

Now the company want to go to Angola, but if the oil was there, why didn’t they go there first? What happened to Botswana? Craig Steinke made tens of millions fleecing investors on his Botswana farm out transaction and now the company is not even going to do an EIA.