Helium, Hydrogen, Oil & Natural Gas

March 23, 2025

Reconnaissance Energy Africa (RECO.V RECAF 0XD.F) announced the acceleration of drilling and a corporate update. Per Brian Reinsborough, President and CEO, the company has made great progress in getting Prospect I ready to drill and as a result is accelerating the spud date into Q2 2025. The in-country teams have commenced community engagement, surveying, debushing and demining activities, which will be followed by construction of a 10 kilometre road and drill pad site. Prospect I is said to be one of the largest mapped structures in the Damara Fold Belt, is well imaged from 2D seismic, and demonstrates a four-way dip closure which the company expects to penetrate over 1,500 metres of Otavi reservoir. Drilling at the Prospect I location has been derisked by the results of the first Damara Fold Belt well, Naingopo, which encountered reservoir in the Otavi carbonates, hydrocarbon shows and oil to surface. Prospect I is targeting 365 million barrels of unrisked and 32 million barrels of risked prospective light/medium oil resources, or 1.7 trillion cubic feet of unrisked and 126 billion cubic feet of risked prospective natural gas resources on a 100% working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates.

Seascape Energy (SEA.L 8YG.F) announced it has completed the farm-out of a 42.5% participating interest in the Block 2A Production Sharing Contract to INPEX. Seascape retains a 10% participating interest in Block 2A, providing its shareholders with material exposure to the Kertang prospect (gross ~1.7 billion barrels of oil equivalent) at nil cost. Following completion of the transaction, the company estimates that at end Q1-25 it will have unaudited cash balances of approximately $12 million. New business activity remains a priority and Seascape is actively pursuing growth opportunities through both ground-floor initiatives and potential M&A with an ambition of materially expanding its portfolio during the year.

Sintana Energy (SEI.V SEUSF) announced an update regarding developments associated with blocks 2713A and 2713B located in Namibia’s Orange Basin. The blocks are governed by Petroleum Exploration License 87, operated by Pancontinental Energy (PCL.ASX PCOGF PUB.F), which maintains a 75% interest in PEL 87. Custos Investments maintains a 15% interest and the National Petroleum Corporation of Namibia maintains a 10% interest. Sintana has a 49% indirect interest in Custos. Pancontinental has received notification from Woodside Energy (WDS WDS.ASX WDS.L WOP0.F) that it has elected not to exercise its option to farm-in to the PEL 87 project. A process is now underway to secure an alternate farm-in partner to fund exploration drilling within PEL 87 at the earliest opportunity. Significant prospectivity has been identified by the high quality 6,593 km2 3D seismic dataset that was fully funded by Woodside and subsequent interpretation and evaluation has returned an inventory of intra-Saturn leads and prospects which are estimated to be consistent in size and scale to the discoveries made to date in the Orange Basin.

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Past performance is not indicative of future results. Email may contain forward-looking statements. See US Offering for details. Informational purposes only.

First Helium (HELI.V FHELF 2MC.F) announced two discoveries at its Worsley Project. In the recently completed 7-30 well, approximately 50 barrels of 15-degree API oil was recovered in the two calendar days following an acid stimulation, demonstrating vertical well cold-flow heavy oil capability. The 7-15 well, without stimulation, also produced small quantities of heavy oil from the same formation and was shut-in for further evaluation following spring breakup. This discovery confirms the company’s ongoing evaluation of this zone, which occurs repeatedly over HELI’s 53,000-acre Worsley land base as a potential shallow heavy oil development play. The company is now proceeding to prepare a plan to develop this potentially large, repeatable play. HELI also successfully tested the Blue Ridge Formation in its 7-15 well, which flowed natural gas with helium content of 1.0%. Results confirm the eastern extension of the Blue Ridge helium enriched natural gas regional play concept established on the company’s West Worsley lands.

APA (APA 2S3.F) announced an oil discovery on Alaska’s North Slope from the Sockeye-2 exploration well in the Lagniappe area east of Prudhoe Bay. Santos (STO.ASX STOSF STS1.F) holds a 25% stake in the joint venture with APA (50%) and Lagniappe Alaska (25%). The exploration well cost is carried by APA as part of a 2023 farm-in agreement. The Sockeye-2 well was drilled to a depth of approximately 10,500 feet, successfully reaching a high-quality reservoir containing around 25 feet of net oil pay within a single, blocky, Paleocene-aged sand formation with an average porosity of 20 per cent. Additionally, potential pay zones were identified in the shallower Staines Tongue formation. The JV is now 80% complete at its Pikka phase 1 project, in a good position to pursue acceleration to first oil around the end of 2025. Pikka phase 1 is expected to deliver 80,000 barrels of oil per day at full production.

Blue Star Helium (BNL.ASX BSNLF) announced that flow testing and gas sampling operations have concluded at the Ma State 16 well in Lincoln County, Colorado, where Blue Star holds a strategic helium acquisition option. Strong well performance was demonstrated with a constrained flow rate of 2.5 million cubic feet per day maintained with very little pressure drawdown. Modelled absolute open hole flow of 33 million cubic feet per day is in line with the original choked well test of 10 million cubic feet per day previously reported and supports the interpretation of strong well performance. Gas analysis confirms previously tested helium content around 1.32-1.36% helium which is high for this area and in line with expectations. The workover rig is currently preparing the next well, Bubba State 3, for testing.

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*Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
*The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
*Please read the offering circular and related risks at invest.modemobile.com.

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