VANCOUVER, BC, April 28,
2022 /CNW/ - Reconnaissance Energy Africa Ltd. (the
"Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF)
(Frankfurt: 0XD) wishes to
announce that, further to its announcement on February 6, 2022, it has entered into an
extension to the Letter of Intent with its partner, the National
Petroleum Corporation of Namibia
(PTY) LTD ("NAMCOR"), to acquire half of NAMCOR's 10% carried
participating interest in the approximate 6.3 million acres
petroleum exploration licence (PEL 73) in the Kavango basin,
NE Namibia (the "Transaction")
such that the parties will now work towards entering into a
mutually acceptable agreement and other related documents
containing the terms and conditions of the Transaction, including
those that are customary in international oil and gas transactions,
by June 6, 2022.
All terms of the Transaction are otherwise as previously
disclosed. The Company will provide further updates in due course.
Closing of the Transaction will be subject to the Company receiving
all necessary regulatory approvals, including, but not limited to,
the acceptance of the TSX Venture Exchange for the issuance of the
common shares as partial consideration for the Transaction.
About ReconAfrica
ReconAfrica is a 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
licences comprising approximately 8.5 million contiguous acres. In
all aspects of its operations, ReconAfrica is committed to minimal
disturbance of habitat, in line with best international 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.
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 expected timing for entering into a
mutually acceptable agreement and other related documents and for
completion of the Transaction, including the acceptance of the TSX
Venture Exchange, and the Company's commitment to minimal
disturbances in line with international best standards and its
implementation of environmental and social best practices in all of
its project areas. 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 amended and restated annual
information form dated May 19, 2021,
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.