/NOT FOR DISSEMINATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON
LOCATED OR RESIDENT IN THE UNITED STATES
OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATES OF
THE UNITED STATES OR THE
DISTRICT OF COLUMBIA./
VANCOUVER, BC, April
26, 2021 /CNW/ - Reconnaissance Energy Africa Ltd.
("ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) is pleased to provide an
operations update, announces additions to the Company's personnel
and disclosure of incentive stock option grants.
Operations
The first of the initial three well drilling program, the 6-2
well, was successfully, temporarily capped on April 19th. The rig has been rigged down with
drilling rig components, the drill pipe and auxiliary equipment
moved 16 km (10 miles) north to the second drill site, 6-1. This
second vertical well, anticipated to commence drilling by
May 1st, is designed to evaluate the
petroleum systems discovered in the first well (6-2) in an area of
maximum thickness.
Personnel
Diana McQueen, previously Senior
Policy Advisor to the Company, has now joined ReconAfrica as Senior
Vice President of Corporate Communications & Stakeholder
Relations. Diana is highly experienced in the fields of Government,
Indigenous Relations and Strategic Affairs. Previously, Diana has
held high level Alberta provincial
cabinet roles including Minister of Energy, Minster of Environment
& Water, Minister of Environment & Sustainable Resource
Development/Forestry and Climate Change, Minister of Municipal
Affairs and Government House leader, and member of numerous
committees such as Treasury Board, and Agenda & Priorities.
Mr. Grayson M. Andersen, has
joined the Company as Manager of Investor Relations. Mr. Andersen
has over 22 years of oil and gas and capital markets industry
experience, 10 of which have been spent in the UK as a specialist
salesperson with Macquarie Capital, Simmons & Company and
Credit Suisse. Mr. Andersen most recently served as the Corporate
Vice President, Capital Markets, for Frontera Energy Corporation
(TSX: FEC). Prior to this, Mr. Andersen provided capital markets
advisory services to GeoPark Limited (NYSE: GPRK). Prior to moving
to the UK, Mr. Andersen was Manager of Investor Relations for
Canadian Natural Resources Limited (TSX and NYSE: CNQ) in
Calgary, Alberta. Mr. Andersen is
a CPA, CA and spent five years in the oil and gas assurance
practice of KPMG in Calgary,
Alberta. He holds a Bachelor of Commerce (Co-op) degree from
Memorial University of
Newfoundland.
In his role, Mr. Andersen will be responsible for preparing and
executing the Company's overall investor relations plan, initiating
and executing investor meetings and road shows, advising on press
releases, quarterly reports and other investor materials, providing
advisory services with respect to market execution activities and
peer group analysis and acting as an intermediary for the Company
to the investment community (collectively, the "Services").
Mr. Andersen's agreement with the Company (the "Agreement")
provides for an initial term of six months and thereafter the
parties shall have the option to mutually extend the Agreement,
unless otherwise terminated in accordance with its terms. Under the
Agreement, the Company will pay Mr. Andersen US$16,666 per month and reimburse him for
expenses incurred in relation to the performance of the Services.
Mr. Andersen is also eligible for the award of approximately
250,000 stock options of the Company, to be granted in accordance
with the terms of the Company's stock option plan, at the
discretion of, and subject to the approval of, the board of
directors of the Company.
Prior to entering into the Agreement, Mr. Andersen had no
interest, directly or indirectly, in the Company or its securities
and acted at arm's length to the Company. The consideration to be
paid by the Company to Mr. Andersen under the Agreement is for
services only.
Stock Option Grants
Pursuant to the Company's stock option plan, the Company has
granted to directors, employees and consultants of the Company
options to purchase an aggregate of 4,750,000 common shares of the
Company at a price of C$6.88 per
share for a period of five years, expiring on April 25, 2026.
ReconAfrica is a junior, Canadian oil and gas
company engaged in the opening of the newly discovered deep Kavango
Sedimentary Basin, in the Kalahari Desert of northeastern
Namibia and northwestern
Botswana, where the Company holds
petroleum licenses comprising approximately 8.5 million contiguous
acres. In all aspects of its operations, ReconAfrica is committed
to minimal disturbances in line with international best
standards and will implement environmental and social best
practices in all of its project areas.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Abbreviations:
bbl or
bbls
|
barrel or
barrels
|
Mcf
|
thousand cubic
feet
|
bbls/d
|
barrels per
day
|
Mcf/d
|
thousand cubic feet
per day
|
boe
|
barrels of oil
equivalent
|
MMcf
|
million cubic
feet
|
boe/d
|
barrels of oil
equivalent per day
|
BTU
|
British thermal
unit
|
Cautionary Note Regarding Forward-Looking
Statements: Certain statements contained in this press
release constitute forward-looking information under applicable
Canadian, United States and other
applicable securities laws, rules and regulations, including,
without limitation, statements with respect to the anticipated
commencement of drilling the second well (6-1) and Mr. Andersen's
responsibilities with the Company and compensation for same.
These statements relate to future events or future performance.
The use of any of the words "could", "intend", "expect", "believe",
"will", "projected", "estimated" and similar expressions and
statements relating to matters that are not historical facts are
intended to identify forward-looking information and are based on
ReconAfrica's current belief or assumptions as to the outcome and
timing of such future events. There can be no assurance that such
statements will prove to be accurate, as the Company's actual
results and future events could differ materially from those
anticipated in these forward-looking statements as a result of the
factors discussed in the "Risk Factors" section in the Company's
annual information form dated July 27,
2020 available under the Company's profile at www.sedar.com.
Actual future results may differ materially. Various assumptions or
factors are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to ReconAfrica. The forward-looking information contained
in this release is made as of the date hereof and ReconAfrica
undertakes no obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
SOURCE Reconnaissance Energy Africa Ltd.