Target Price Cut by over 40% Triggers Investors' Second Investigation of Reconnaissance Energy Africa, Ltd.

Toronto, Ontario - Newsfile Corp. - May 4, 2023 - Berger Montague (Canada) P.C. announces that it has been invited to re-investigate previously published reports about Reconnaissance Energy Africa Ltd. ("ReconAfrica" or the "Company") (TSXV: RECO) (OTCQX: RECAF) (FSE: 0XD).

On April 23, 2023, a U.S. federal court denied ReconAfrica's motion to dismiss the U.S. shareholder class action claims and was ordered to file an answer to the complaint that it previously misled investors.

After the Company's November 2022, investor call about its drilling and seismic results, Haywood Securities Inc. reduced its target price from $14.00 to $8.00, highlighting that the downside to the stock could be $0.00 per share and ReconAfrica will require substantial amounts of capital and reserves to develop and move to commercialization of the Kavango Basin.

Berger Montague (Canada) is investigating whether ReconAfrica omitted to disclose material adverse facts in in ReconAfrica's final short form prospectus released on February 24, 2022, and its core documents released on SEDAR on April 28, May 30, August 29, 2022, and not publicly disclosed until November 9, 2022. ReconAfrica's March 1, 2022 offering was made through Canaccord Genuity Corp.

If you are outside of the United States and purchased ReconAfrica's securities between May 30, 2021 and November 8, 2022, you may be eligible. Visit https://investigations.bergermontague.com/reconnaissance-energy-africa/ to learn more.

Berger Montague has offices in the United States located in Toronto, Philadelphia, Minneapolis, San Diego, San Francisco, Chicago, and Washington, D.C. Berger Montague (Canada) has represented individual and institutional investors for over a decade and serves as lead counsel in courts across Canada. You may learn more about Berger Montague (Canada) at www.berger montague.ca.

Contacts:
Andrew Morganti
James Maro
(647) 598-8772
[email protected]