Recognition Energy Africa Ltd. concluded on the 8th September 2025 a production sharing contract (the “PSC”) as well a joint venture agreement, led by Recon in partnership with Record Resources Inc., the Republic of Gabon and its national oil company, Gabon Oil Company (“GOC”).

The production sharing contract covers exploration, evaluation, development and production of petroleum and gas on the Gabonese offshore block C-7, now renamed Ngulu (“Ngulu”). Under the terms of the joint venture, Recon will be the designated operator with a 55% stake, Record will own 20%, Gabon Oil Company 15% and the Republic of Gabon 10% (range).

This acquisition positions Recon as that offshore operator in West Africa. The PSC agreement covers 1,214 km² in shallow water off the coast of central Gabon.