Cautionary Note Regarding Forward-Looking Information, Analogous Information and Third-Party Source Information
Certain information contained in this website may constitute “forward‐looking information” within the meaning of Canadian securities legislation. Forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims”, “potential”, “goal”, “objective”, “prospective” or variations of such words and phrases or statements that certain actions, events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur. All statements other than statements of historical facts contained in this website constitute forward-looking information, including, but not limited to, statements with respect to preliminary results from the drilling program confirming a working conventional petroleum system in the Kavango Basin; the interpretation and analysis of data, results and samples from the Company’s (as defined herein) operations; the treatment of Reconnaissance Energy Africa Ltd. (“ReconAfrica” or the “Company”) under the regulatory regimes and laws of the jurisdictions in which ReconAfrica conducts its business; the commencement of drilling, and completion of, wells; infrastructure to be developed at or around the Company’s operations and assets; facilities costs and the timing and method of funding thereof; expected timing of development of undeveloped reserves; ReconAfrica’s potential future oil and natural gas production levels; the future performance and characteristics of ReconAfrica’s oil and natural gas properties; the estimated size of ReconAfrica’s potential oil and natural gas reserves; projections of market prices and costs; projections of supply and demand for oil and natural gas; expectations regarding the ability to raise capital and to continually add to reserves through acquisitions, anticipated exploration and development activities and the timelines and anticipated results related thereto; goals of the Company anticipated exploration and development activities; use of the Company’s cash on hand; the Company’s partnering potential; future capital expenditure programs and the timing and method of financing thereof; cost estimates; the activities to be undertaken pursuant to, and the goals and impact of, the Company’s corporate social responsibility and environmental, social and governance programs, the hiring and training of local community members; the Company’s safe drinking water well program; the Company’s support of higher levels of education for the local communities in which the Company operates and the Company’s adherence to environmental best practices, including not drilling in sensitive areas and the protection of local ecosystems.
Forward-looking information is necessarily based on the beliefs, estimates, assumptions and opinions of the Company’s management on the date the forward-looking information is made, including assumptions regarding future prices for oil and natural gas; future currency and interest rates; ReconAfrica’s ability to generate sufficient cash flow from operations; access to debt and/or equity financing to meet its operating costs and future obligations; social, political and economic developments in jurisdictions in which ReconAfrica conducts its business; ReconAfrica’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner to meet ReconAfrica’s demand; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this website in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive contingencies and uncertainties.
Known and unknown factors and risks could cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking information, including, but not limited to: volatility in market prices for oil and natural gas; the continuation of the recent global financial crisis and economic downturn; liabilities inherent in oil and gas exploration activity including operational and environmental risks; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; unanticipated geological, technical, drilling and processing problems; fluctuations in foreign exchange or interest rates and stock market volatility; changes in the laws or application thereof by the governments of the jurisdictions in which ReconAfrica conducts its business; political, social and economic instability in the foreign jurisdictions in which ReconAfrica operations; inability to execute on business plans and strategies; increases to capital expenditure programs and the timing and method of financing thereof; the ability of ReconAfrica to achieve drilling success consistent with management’s expectations; higher than expected operating costs; uncertainty with respect to net present values of future net revenues from reserves; lower than anticipated future production levels from ReconAfrica’s assets; delays with respect to timing and the bringing on of production; changes to expected plans and costs of drilling; drilling inventory and the presence of oil pools or gas accumulations; increased cost projections; global supply and demand for oil and natural gas; ability and costs of increasing plant capacity; expected levels of royalty rates, operating costs, general and administrative costs, costs of services and other costs and expenses; expectations regarding the ability to raise capital and to continually add to reserves through acquisitions, exploration and development; risks and uncertainties related to infectious diseases or outbreaks of viruses, including the COVID-19 pandemic; and such other risks as disclosed in this website, the Company’s amended and restated annual information form for the year ended December 31, 2020 and the Company’s management’s discussion and analysis for the year ended December 31, 2020, which are available on SEDAR at www.sedar.com under the Company’s profile and the Company’s continuous disclosure filings. The forward looking information contained in this website is expressly qualified by these cautionary statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated by such statements. Readers are advised not to place undue reliance on forward-looking information.
Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update this forward-looking information if management’s beliefs, estimates or opinions, or other factors, should change.
In this website, the Company provides certain historical information concerning reserves or resources, estimates of the volume of reserves or resources, production estimates, historical production amounts, well tests and other information relating to areas in geographical proximity to the Company’s property interest, which may be “analogous information” as defined by applicable securities laws. This analogous information is derived from publicly available information sources that the Company believes are predominantly independent in nature and for which references to such information sources have been provided in such sections. Some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with the COGE Handbook. In addition, estimates by engineering and geo-technical practitioners may vary and the differences may be significant. The Company believes that the provision of this analogous information is relevant to the Company’s activities, given its ownership interests and operations (either ongoing or planned) in the areas in question, however, readers are cautioned that there is no certainty that any of the Company’s activities in these areas will be successful to the extent in which operations in the areas in which the analogous information is derived from were successful, or at all. Such information is not an estimate of the reserves or resources attributable to the lands held or to be held by the Company and there is no certainty that the reserves and resource data and economics information for the lands held or to be held by the Company will be similar to the information presented herein.
In this website, the Company provides certain historical, market and industry data and forecasts that were obtained from third-party sources, industry publications and publicly available information, as well as industry data prepared by management on the basis of its knowledge of the areas in which the Company operates. This third-party source information is derived from publicly available information sources that the Company believes are predominantly independent in nature. Historical, market and industry data and forecasts generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. The Company believes that the provision of this third-party source information is relevant to understanding the environment in which the Company’s activities, business and operations are carried out, however, readers are cautioned that there is no certainty that any of the Company’s activities in these areas will be successful to the extent in which operations in the areas in which the third-party source information is derived from were successful, or at all.