Under Liquidity in the MD&A "ReconAfrica’s current cash is sufficient to fund its upcoming operations including the drilling of the 5-1 well, the seismic
phase 2 extension, and eFTG operations, however, additional funding will be necessary for ongoing working capital,
any drilling delays and future exploration activities. The Company’s subsidiary, Renaissance, does not have sufficient
funds to completely repay the outstanding royalty balance. Additional funding will be necessary should payment be
required on the balance of the royalties payable. Initial results from the upcoming operations will influence
management’s strategy for further drilling locations and exploration activities, including the 5-1 well location, 6-2
sidetrack, and Damara fold belt."