InFocus Namibia - December 2024

InFocus NAMIBIA DECEMBER, 2024

AN ENERGY AND SUSTAINABILITY OVERVIEW

TRADE AND INDUSTRIALIZATION -TURNING INNOVATION INTO IMPACT

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ISSN 2026-9080

HAPPY

Holidays As the year draws to a close, we want to extend our warmest wishes to our valued clients, dedicated team members, and cherished readers. Your support and collaboration have been instrumental to our success. May your holiday season be filled with joy, peace, and treasured moments. Thank you for being part of our journey, and we look forward to a bright and prosperous New Year together!

CONTENTS EDITION: DECEMBER 2024

4

FROM THE EDITOR

5

QUICK FACTS

6

ECONOMY AT LARGE Namibia's Trade and Industry Actions in 2024 Navigating Geopolitical Conflicts

10

KEY DATES

12

FUEL PRICES

13

OIL & GAS

18

ENERGY SECTOR

22

TRANSPORT & MOBILITY

26

SPOTLIGHT

30

TENDERS

31

PRESS RELEASES

35

CONTRIBUTING AUTHORS

Oil: The dilemma, Environment vs Economy PRESS RELEASE

Namibia Solar Energy Production Overview of the Namibian Renewable Energy Landscape & Key Project Highlights – A HOPSOL Africa Perspective

Is Namibia ready for a low-cost airline?

Spotlight on Ms. Nangula Uaandja

From The Editor From Innovation to Impact fostering global trade, and enhancing investment opportunities. We hope that these policies will be effectively implemented to strengthen Namibia's position as a key player in regional and global trade.

In this edition, our writing team has thus analysed some of the critical issues which are essential for bolstering Namibia’s trade and industrial activities across key economic sectors. The analysis includes a comprehensive review of Namibia's trade and industry performance in 2024, emphasizing the need to diversify trade relationships to reduce reliance on a single partner. Additionally, we delve into pressing topics such as the oil dilemma, environmental challenges, and the renewable energy landscape in Namibia. The edition also explores Namibia's readiness for a national airline revival and advancements in transportation infrastructure, highlighting their potential to enhance economic growth and connectivity.

Dear Reader, Welcome to another edition of InFocus Namibia!

We thus hope you find this edition informative and encourage you to follow and engage with us on all our social media accounts as we continue to explore and discuss these vital issues.

As the year draws to a close, we are delighted to present an early Christmas gift, our December 2024 Trade and Industrialization edition!

As always, the conversation continues at infocus@rdjpublishing.africa .

According to the Namibia Statistics Agency (NSA), Namibia's export figures stand at N$9.4 billion, while imports dominate at N$12.8 billion during October 2024. This means Namibia imports significantly more than it exports (around 30%), highlighting the need for local industries to enhance their productivity through sustainable innovation. Emerging industries, such as green hydrogen and the oil and gas sectors, are poised to transform Namibia's trade balance and drive economic growth.

In the October 2024 Report, the NSA reported live chicks as Namibia's "commodity of the month." The import value of live chicks was estimated at N$1.4 million, sourced from countries like the Netherlands, South Africa, and Zambia, with no corresponding exports from Namibia. Despite the ongoing drought crisis since May 2024, this underscores the gaps in Namibia’s agricultural value chains and reveals untapped business opportunities at the local level. Addressing these gaps could significantly boost the agricultural sector and contribute to economic growth.

In response to trade gaps such as those mentioned above, the Namibia government recently (2024), launched two policies pivotal frameworks namely the National Trade Policy (NTP) and the National Action Programme (NAP). These frameworks are focused on accelerating economic growth,

This report is a FREE Publication written and authored through collaboration with RDJ Consulting Services CC based in Windhoek, Namibia.

The content is collected from publicly available information and so its accuracy cannot be guaranteed.

Yours, editor@rdjpublishing.africa

(Grace Kangotue) Deputy Editor

(David A. Jarrett) Editor

NOTE 1: We welcome letters and articles from readers globally and require that you provide your full details such as name, current address and contact phone/WhatsApp number as well as email. We however reserve the right to amend, modify or reject submissions. You may also request that your details be withheld from publication.

NOTE 2: InFocus Namibia is published monthly and is FREE to Readers. The magazine is paid for by advertising and the research support from RDJ Consulting Services CC, Windhoek, Namibia.

RDJ Publishing (Pty) Ltd is the publishing home of the InFocus Namibia, written and authored through the collaboration with RDJ Consulting Services CC (www.rdjconsulting.co.za).

PO Box 23738 Windhoek, NAMIBIA Telephone +264 81 750 3010 Email info@rdjpublishing.africa WEBSITE www.rdjpublishing.africa

RDJ Consulting Services CC is an advisory consultancy to the Energy, Water and Transport Sectors with a focus on sustainable operations and renewable energy.

Quick Facts

N A M I B I A POPULATION 3,022,401.00 SIZE Male

1,474,224.00

87%

33.4%

LITERACY RATE (15+ YEARS) (2023)

UNEMPLOYMENT RATE (2018)

Female

1,548,177.00

TRADE AND INDUSTRIALIZATION N$9.4 Billion

N$12.8 Billion

NAMIBIA INTERNATIONAL MERCHANDISE TRADE STATISTICS INMITS (TRADE)

NAMIBIA INTERNATIONAL MERCHANDISE TRADE STATISTICS INMITS (TRADE)

(2024)

(2024)

EXPORTS

151 359

0.56

7.00

GDP CONSTANT 2015 PRICES (N$ million) (2023)

GINI COEFFICIENT (2023)

REPO RATE (Dec 2024)

IMPORTS

TOP FIVE EXPORT MARKETS (% SHARE) FOR OCTOBER 2024

6.10

3.00

10.75

PRIME LENDING RATE (Dec 2024)

INFLATION (CPI)

SOUTH AFRICA

8.80

632 MW

BOTSWANA

24.80

ELECTRICITY DEMAND AT PEAK (2023)

FRANCE

11.50

ZAMBIA BELGIUM

13.20

3,856,000 GWh TOTAL ELECTRICITY UNITS SOLD

TOP 3 EXPORT PRODUCTS FOR OCT 2024, PERCENTAGE SHARE (DOMESTIC SHARE)

Local Energy Generation (%)

42% 16.90

15.30

11.90

Energy Imports (%)

58%

SOURCE: RDJ CONSULTING SERVICES CC

Economy at Large Namibia's Trade and Industry Actions in 2024 AUTHOR: David Jarrett and Team Editor @ RDJ Publishing and RDJ Group Chief Executive Officer

Courtesy: Canva

06

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T

his year saw Namibia's government launch two pivotal frameworks namely the National Trade Policy (NTP) and the National Action Programme

for Investment (NAPI). These frameworks are focused on accelerating economic growth, fostering global trade, and enhancing investment opportunities.

Designed to strengthen Namibia’s position as a regional and global player in trade related aspects.

Hon. Lucia Iipumbu, Launch of the National Trade Policy And The National Action Programme for Investment 14 October 2024

National Trade Policy (NTP) The NTP is a strategic policy designed to diversify Namibia's export markets and fortify its trade negotiations. It emphasizes the empowerment of micro, small, and medium enterprises (MSMEs), as well as businesses owned by women and youth. The policy's sustainable approach aligns with global economic trends and aims to promote inclusive growth.

Several positive actions accrue by expanding into new markets that reduces reliance on a few trading partners, mitigating risks associated with economic fluctuations and geopolitical tensions. Another is by providing support to MSMEs, fostering entrepreneurship, job creation, and economic empowerment, particularly for marginalized groups. It also allows for sustainable trade practices attracts environmentally conscious investors and aligns with international standards.

There will however need to be measured expectations as implementing market diversification and supporting MSMEs require substantial resources, coordination, and time, which could pose a significant challenge.

National Action Programme for Investment (NAPI) The NAPI aims to create a more transparent and competitive investment climate. As such it has been created

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in such a way that it aligns with regional objectives under the Southern Africa Development Community (SADC) Finance and Investment Protocol and focuses on promoting a coherent investment environment, enhancing market access, and securing investors' rights.

As a committed member of the Southern Africa Development Community (SADC), Namibia shares the vision of regional integration and collective prosperity Hon. Lucia Iipumbu, Launch of the National Trade Policy And The National Action Programme for Investment 14 October 2024

Like the NTP, positive actions accrue with the first obvious benefit being a transparent and competitive environment that attracts foreign investors, leading to economic growth and job creation. In addition, aligning with SADC objectives enhances regional cooperation, boosting trade and investment flows within the region along with ensuring investor rights that fosters long-term investments and stability in the business environment.

Thus, the additional work to be done by the state will include implementing more competitive policies may require significant regulatory changes, which can be complex and time-consuming. Another area will be harmonization that allows the ensuring equitable benefits across all regions can be challenging, potentially leading to regional disparities in economic development.

These actions achieved in 2024, represent ambitious steps by the Government towards economic diversification, MSME empowerment, and attracting foreign investment.

Successfully balancing these “good” and “bad” will be crucial for achieving the desired outcomes and sustaining economic growth.

As always, the conversation continues and we welcome feedback editor@rdjpublishing.africa

Readings: https://mit.gov.na/national-trade-policy https://mit.gov.na/speeches/-/document_library/kviw/view/37498 81

07

Navigating Geopolitical Conflicts AUTHOR: David Jarrett and Team Editor @ RDJ Publishing and RDJ Group Chief Executive Officer

Courtesy: Getty Images

08

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W

e have now completed our “bell weather” moment and elected our first female Presidentelect. However, the honeymoon will be short

lived as the global landscape is increasingly turbulent, with geopolitical conflicts casting shadows over international trade and supply chains. This has been fully illustrated by the events in Syria and for a country like Namibia, which relies heavily on global trade, these disruptions can lead to soaring costs and significant uncertainties. Addressing these challenges requires a strategic and multifaceted approach.

Namibia's reliance on its limited number of trade partners, makes it vulnerable to geopolitical conflicts. By diversifying the trade relationships, Namibia can then reduce its dependency on any single trade partner. Expanding trade ties with countries across different continents can also help mitigate the risks associated with conflicts in specific geo areas. For instance, strengthening economic ties with countries in the wider Asia area and the Americas, enhancing South – South interactions, can provide alternative markets and supply routes.

Closer home, regional cooperation within the Southern African Development Community (SADC) can also serve as a buffer against global trade disruptions. Covid 19 was a good example of restricted trade impact and so enhancing economic integration and trade within SADC can help create a more resilient regional market. All of these proposals however are fruitless if the real bottleneck is created by local production capability insufficiency due to whatever nature.

A starting point is the reduction of Namibia's reliance on certain imported goods or energy. As we have pointed out previously in our publications (INFOCUS Namibia or Energy and Sustainability Africa), some of the actions need to be instituted now so that the long-term benefits can be experienced.

One such action is the increased use of Desalination, creating not only water for the various industries but also well needed chemicals from the “waste product” brine.

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From 2019, research has shown that desalination brine can “through a fairly simple process, the waste material can be converted into useful chemicals, including ones that can make the desalination process itself more efficient”. Some of the chemicals produced are sodium hydroxide, sodium chloride (salt) and also valuable mining metals such as gold, magnesium, bromine, uranium, lithium, caesium, rubidium and others from seawater.

Another more emotive option, is the use of alternative fuels such as electricity and hydrogen to either increase fuel use efficiency or the replace imported fuels, releasing import funds for other matters and reducing the trade imbalance.

These both sit well with Namibia’s world renown renewable energy resources, making the country more resilient to trade shocks. These can reduce dependency on fossil fuels and insulate the economy from global oil market fluctuations. Although not discussed widely, renewable energy is already making a difference in several applications across Namibia, including electrification.

Adopting sustainable practices in key sectors can enhance resilience. It therefore comes as no surprise that improving infrastructure, particularly transportation networks and ports, is essential for supporting trade. Enhanced infrastructure can facilitate smoother trade flows and reduce bottlenecks.

So in conclusion, diversifying trade partners, strengthening regional cooperation, investing in local production, enhancing infrastructure, promoting sustainability, building strategic reserves, engaging in diplomacy, and encouraging innovation are all critical steps. By addressing these areas, Namibia can create a more resilient and stable economic environment, ensuring continued growth and prosperity despite global uncertainties.

Readings: https://www.thenamibian.com https://www.nust.na https://www.mirco.gov.na https://www.sadc.int Turning desalination waste into a useful resource | MIT News | Massachusetts Institute of Technology Brine management in desalination industry: From waste to resources generation - ScienceDirect

09

Key Dates SOURCE: RDJ CONSULTING SERVICES CC

Bank of Namibia: Monetary Policy Announcement Dates

7.00% %

Monetary Policy Announcement - December (Published 04 December 2024)

repo rate

Namibia Statistics Agency: Consumer Price Index - CPI 2024 Announcement Dates

Annual Inflation Rate - November (Published 05 December 2024)

3.00% Inflation rate

Monthly Inflation Rate 2024 6.00%

5.00%

5.40% 5.00% 4.50%

4.80%

4.90% 4.60%

4.60%

4.40%

4.00%

3.40% 3.00%

3.00%

3.00%

Oct-24

Nov-24

2.00%

1.00%

0.00%

Jan-24

10

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

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Sep-24

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Fuel Prices December 2024 Fuel Prices Update

NAMIBIA

SOUTH AFRICA

ANGOLA

NIGERIA

BOTSWANA

Petrol

Diesel

Effective as of 29 November 2024

Effective as of 29 November 2024

N$ 20.25/ US$ 1.12

N$ 19.72/ US$ 1.09

per litre Petrol Unleaded 95

per litre Diesel 50ppm

Effective as of 02 December 2024

Effective as of 02 December 2024

R 21.08/ US$ 1.17

R 21.81/ US$ 1.21

per litre Petrol Unleaded 95

per litre Diesel 50ppm

Effective as of 02 December 2024

Effective as of 02 December 2024

Kz 300.00/ US$ 0.32

Kz 200.00/ US$ 0.21

per litre Petrol Unleaded 95

per litre Diesel 50ppm

Effective as of 02 December 2024

Effective as of 02 December 2024

₦ 1,184.83/ US$ 0.71

₦ 1,441.28/ US$ 0.86

per litre Petrol Unleaded 95

per litre Diesel 50ppm

Effective as of 02 December 2024

Effective as of 02 December 2024

P 14.75/

US$ 1.08

P 14.94/ US$ 1.09

per litre Petrol Unleaded 95

per litre Diesel 50ppm

The US$ equivalent refers to current exchange rates (December 2024) Data Source: www.mme.gov.na, theglobaleconomy.com

12

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Oil & Gas Oil: The dilemma, Environment vs Economy AUTHOR: David Jarrett and Team Editor @ RDJ Publishing and RDJ Group Chief Executive Officer

A

s our country continues to currently be dependent on energy imports (electricity and oil/gas products) and reeling from a long drought and current heat

waves, the ongoing discourse around fossil fuels and renewables is picking up pace. For example, the oil and gas exploration in Namibia is of significant public interest, making it a compelling topic for discussions, debates, and research. Namibia has recently (since 2022) discovered significant oil and gas reserves, estimated at around 11 billion barrels of oil and some 2.2 trillion cubic feet of natural gas. The oil and gas sector can therefore drive economic growth, create jobs, and attract foreign investment.

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Added to this, Namibia has significant renewable energy resources, particularly in solar and wind energy. Namibia's renewable energy potential is a key component of its strategy to become a regional energy hub and reduce dependence on imported energy. With some of the highest direct normal irradiation (DNI) levels in the world, exceeding 3 MWh/m² per year. Thus, an area equivalent to 1000 m² can produce 3 GWh per annum on average. Also, substantial wind resources, especially in coastal areas andthe southern region such as Luderitz and Oranjemund.

These renewable energy resources have created the needed catalyst for green hydrogen production which we know has promised large job numbers and transformation of local communities.

13

These discoveries have the potential to transform the country's economy and Namibia can therefore learn some valuable lessons from countries that have successfully managed their oil and gas resources while balancing economic growth with environmental sustainability.

Balancing economic growth with environmental protection is a critical challenge. In fairness, Namibia has been implementing various environmental policies and measures to ensure sustainable development and economic development in parallel. The government's role in regulating the oil and gas industry, promoting local content, and ensuring environmental protection is therefore crucial.

As we grapple with global increase in temperatures, Namibia is one of the most hard-hit countries by the impacts of climate change. We are deeply anxious about the variable climatic patterns mainly floods and drought, and dependency on natural resources that exacerbate our vulnerabilities to climate change impacts.

Hon. Pohamba Shifeta Minister of Environment, Forestry and Tourism at High-Level Ministerial Roundtable on pre-2030 Ambition 18 Nov 2024

Controversy and Perspectives Debates around the best ways to manage resources, balance economic benefits with environmental protection, and learn from the experiences of other countries are essential. A panel discussion during the Angola Oil & Gas (AOG 2024) strategic track shared insight into the country’s emerging role as a regional gas hub. Titled “Beyond Oil: Angola’s Rise as a Gas Powerhouse”, the discussion explored the country’s shift from an oil driven to a gas driven economy. This shows that not only is this discussion topical but in need of exploration.

Angola has taken steps to improve transparency and accountability in its oil and gas sector, including the establishment of the National Oil, Gas & Biofuels Agency (ANPG). Angola is the second largest oil producer in Africa, after Nigeria and has been working on diversifying its economy to reduce its dependence on oil and gas revenues.

This includes investments in sectors such as agriculture, fisheries, and renewable energy. Angola is investing in renewable energy projects, including solar and wind power, to reduce its reliance on fossil fuels. Namibia can adopt a similar approach to ensure economic stability and reduce vulnerability to oil price fluctuations.

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Norway established a state equity in petroleum activities, ensuring that oil wealth benefits the entire population. The Government Pension Fund Global (GPFG), now the largest sovereign wealth fund in the world, was created to manage oil revenues sustainably. Similarly, the United Arab Emirates (UAE) has successfully integrated the exploration of oil and gas with the development of renewable energy sources, such as solar and wind power. The UAE continues to invest in renewable energy projects, leveraging its oil wealth to drive economic growth while transitioning to a more sustainable energy mix.

Nigeria, despite being one of the largest oil producers in Africa, has faced challenges such as corruption, environmental degradation, and social unrest. Namibia can learn from Nigeria's experiences to avoid the "resource curse" and ensure that oil wealth is used for national development.

Ghana has established a robust regulatory framework for its oil and gas sector, ensuring transparency and accountability. The Petroleum Revenue Management Act (PRMA) ensures that oil revenues are managed transparently and used for national development, and the PRMA established the Petroleum Holding Fund (PHF) at the Bank of Ghana to receive and disburse petroleum revenues.

The PRMA prohibits the use of petroleum revenues for purposes outside of national development priorities. This includes prohibitions on using the funds for debt repayment, subsidies, or other non-developmental expenditures. The Ministry of Finance is required to submit annual reports to Parliament on the management of petroleum revenues. These reports are also made available to the public.

As a result, there are several leading practice actions and examples available to Namibia, to craft a sustainable future for all citizens, As always, the conversation continues and we welcome feedback editor@rdjpublishing.africa

Readings: Statement by Pohamba Shifeta, Minister of Environment, Forestry and Tourism at High-Level Ministerial Roundtable on pre-2030 Ambition https://energycentral.com/c/cp/namibia-energy-importerrenewable-superpower-%E2%80%94-vision-future https://www.africa.com/angola-oil-gas-aog-2024-to-solidifyangolas-position-as-an-emerging-gas-powerhouse https://apo-opa.co/4dTAlmt https://documents1.worldbank.org/curated/en/864671554294508064 /pdf/Opportunities-to-Diversify-the-National-Economy-GenerateIncome-for-Local-Communities-Enhance-EnvironmentalManagement-Capacity-and-Build-Resilience-to-Climate-Change.pdf https://energycapitalpower.com/major-energy-developments-towatch-in-angola-in-2025 https://lawsghana.com/post_1992_legislation/1/Acts%20of%20Parli ament/PETROLEUM%20REVENUE%20MANAGEMENT%20ACT%202011% 20%28ACT%20815%29/plain_view/203

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PRESS RELEASE ReconAfrica Announces Completion of Drilling Operations on the Naingopo Exploration Well

N

ovember 27, 2024, Calgary, Alberta, Canada – Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO)

(OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) announces that it has reached total depth (“TD”) of 4,184 metres (13,727 feet) on the Naingopo exploration well on Petroleum Exploration Licence 073 (“PEL 73”), onshore Namibia.

Brian Reinsborough, President and CEO of the Company stated: “We are excited to have completed the drilling operations on the Naingopo exploration well, drilling beyond our original projected TD of 3,800 metres.

The Naingopo well is the first of several to test the potential resource of the Damara Fold Belt. We will now commence an extensive evaluation program, which will include wireline logging and coring, Modular Formation Dynamics Tester (“MDT”) sampling and testing of any hydrocarbons present, and a Vertical Seismic Profile (“VSP”). Our technical team will then assess all data to determine the results, which will assist us in finalizing further plans in the Damara Fold Belt.”

Naingopo Exploration Well The Naingopo exploration well was drilled to a total depth of 4,184 metres (13,727 feet). The Company will now undertake a comprehensive logging and coring program, and perform a VSP, followed by casing and cementing the well. Results of the well will be provided following a thorough analysis of the subsurface data acquired and any obtained oil or natural gas samples. We expect to have the preliminary results of the Naingopo well in the next several weeks.

During December 2024, the Company will undertake repair and maintenance activities on the Jarvie-1 drilling rig. We expect to move to the Kumbundu (Prospect P) well location after completing the review of the results from current operations.

As a reminder, the Naingopo well is targeting 181 million barrels of unrisked and 15 million barrels of risked prospective light/medium oil resources(1) or 937 billion

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cubic feet of unrisked and 65 billion cubic feet of risked prospective natural gas resources(1), on a 100% working interest basis, based on the most recent prospective resources report prepared by Netherland, Sewell & Associates, Inc. (“NSAI”). Kambundu is targeting 309 million barrels of unrisked and 15 million barrels of risked prospective light/medium oil resources(1) or 1.6 trillion cubic feet of unrisked and 64 billion cubic feet of risked prospective natural gas resources(1), on a 100% working interest basis, based on the most recent prospective resources report prepared by NSAI. 1. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resources are those quantities of oil estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are the arithmetic sum of multiple probability distributions. Unrisked prospective resources are estimates of the volumes that could reasonably be expected to be recovered in the event of the discovery and development of these prospects.

About ReconAfrica ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum licenses comprising ~8 million contiguous acres.

In all aspects of our operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards, and implementing environmental and social best practices in all of our project areas.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

15

For further information contact: Brian Reinsborough, President and Chief Executive Officer | Tel: +1-877-631-1160 Grayson Andersen, Vice President Investor Relations | Tel: +1-877-631-1160 Email: admin@reconafrica.com IR Inquiries Email: investors@reconafrica.com Media Inquiries Email: media@reconafrica.com Cautionary Note Regarding Forward-Looking Statements: Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the Naingopo exploration well, the evaluation of the subsurface data relating to the Naingopo exploration well, the timing of drilling the Kambundu exploration well, the timing of rig repairs, movement of the rig from its present location and the Company’s commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forwardlooking statements as a result of the factors discussed in the "Risk Factors" section in the Company's annual information form dated July 29, 2024, available under the Company's profile at www.sedarplus.ca. Actual future results may differ materially. Various assumptions or factors are typicall y applied in drawing conclusions or making the forecasts or projections set out in forwardlooking information. Those assumptions and factors are based on information currently available to ReconAfrica.

The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing

16

statements expressly qualify information contained herein.

any

forward-looking

Disclosure of Oil and Gas Information: The report of Netherland, Sewell & Associates, Inc. (“NSAI”) entitled “Estimates of Prospective Resources to the Reconnaissance Energy Africa Ltd. Interests in Certain Prospects and Leads located in PEL 73, Kavango Basin, Namibia as of March 31, 2024” (the “NSAI Report”) and the prospective resource estimates contained therein and in this press release were prepared by NSAI, an independent qualified reserves evaluator, with an effective date of March 31, 2024. The NSAI Report was prepared in accordance with the definitions and guidelines of the Canadian Oil and Gas Evaluation Handbook prepared jointly by the Society of Petroleum and Engineers (Calgary Chapter) (the “COGE Handbook”) and the Canadian Institute of Mining, Metallurgy & Petroleum and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51101”). For additional information concerning the risks and the level of uncertainty associated with recovery of the prospective resources detailed herein and in the NSAI Report, the significant positive and negative factors relevant to the prospective resources estimates detailed herein and in the NSAI Report and a description of the project to which the prospective resources estimates detailed herein and in the NSAI Report applies are contained within the NSAI Report, a copy of which has been filed with the Canadian Securities Administrators and is available under the Company’s issued profile on SEDAR+ at www.sedarplus.ca.

The prospective resources shown in the NSAI Report have been estimated using probabilistic methods and are dependent on a petroleum discovery being made. If a discovery is made and development is undertaken, the probability that the recoverable volumes will equal or exceed the unrisked estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate, and 10 percent for the high estimate. Low estimate and high estimate prospective resources have not been included in the NSAI Report. For the purposes of the NSAI Report, the volumes and parameters associated with the best estimate scenario of prospective resources are referred to as 2U. The 2U prospective resources have been aggregated beyond the prospect and lead level by arithmetic summation; therefore, these totals do not include the portfolio effect that might result from statistical aggregation. Statistical principles indicate that the arithmetic sums of multiple estimates may be misleading as to the volumes that may actually be recovered.

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Energy Sector Namibia Solar Energy Production Solar energy is abundant in Namibia. These are the modelled amounts of MWh’s of energy that can be produced by 100 MWp of solar photovoltaic (solar panels) if they were installed in the central areas of Namibia.

What these graphs teach us is the quantity and pattern of production that can be expected if such a plant existed.

Solar Production 2024 (month to-date) Avg Energy MWh (100 MWp) Estimated 20,000.00

15,000.00

11,969.00

13,350.00

16,500.00

ct -2 4

ov -2 4

11,129.00 -2 4

Se p24

9,873.00 4

9,597.00

15,329.85 ar -2 4

12,735.20

14,871.40 b24

5,000.00

14,717.95

16,081.76 n24

10,000.00

Assumed MWh’s of electricity production by month.

SOURCE: RDJ CONSULTING SERVICES CC

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Overview of the Namibian Renewable Energy Landscape & Key Project Highlights – A HOPSOL Africa Perspective

T

he Namibian Electricity Supply Industry (ESI) has seen growing participation by electricity generators other than the traditional generator, a role which

was spared for the country’s national utility, NamPower.

The introduction of the country’s renewable energy feed-in tariff (REFIT) over a decade ago and the gazzetting of the Modified Single Buyer (MSB) market framework in 2019 all spurred interest in the development of distributed generating plants with renewable energy sources taking an increased share in terms of the number of energy sources implemented since.

Given the relatively high availability levels of the Namibian grid, high reliability and security levels of power supply, issues of network failures or the need to

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load shed some customers has not been recorded. This has meant that most renewable energy generation plants, which are predominantly of solar PV technology, have not considered energy storage system installations. Our experience shows that energy users have remained connected to the grid, in most cases, opting to have gridtied systems with the solar sources serving to complement supply from the grid rather than a replacement source of energy.

In terms of other sources of renewable energy sources, the country has high potential for wind energy sources especially in Southwestern Namibia. Further possibilities exist with potential in Hydro Power and Biomass.

Notwithstanding this, there is only one commercially

19

operated wind park with another in development phase. It is our believe that the ease of installation, their modularity and simplicity of technology are some of the driving reasons for higher number of projects based on solar PV systems.

This is the area of expertise that HOPSOL Africa was founded upon for which over the years, has managed to horn in-house design engineering skills, and expert construction skills.

In terms of interest across the different customer segments, the commercial and industrial (C&I) sector continues to show great appetite for renewable energy. What is evident is that solar roof top systems help reduce the energy consumption for businesses thereby reducing overall cost of electricity and consequently operating expenses for any business. The residential sector has equally shown increased interest in grid-tied hybrid inverter systems particularly for middle to high income households.

The utility scale projects although taking time to reach financial close, have equally become sizable in terms of installed capacities as compared to a few years back when 5MWac systems were considered. In recent years,

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systems ranging from 20MWac have been implemented with bigger systems to as large as 100MWac are soon to reach construction phase, a clear trend to more and more commitment to renewable energy as solar systems and inverter technology continue to support grid stability, and maturing energy storage technology giving increased hope that the intermittency issues that were once experienced would be soon problems of the past as thess can now be mitigated.

Some Key Project Highlights for 2024 Although challenges such as increased product selection, delayed decision making in project developments from public institutions, and grid capacity constraints resulting in delayed implementation of some projects, HOPSOL managed to implement the following projects: Residential and C&I Rooftop Systems totaling 1.2 MWp, The 10MWp Maxwell Solar PV Project (B2Gold), The Khan 26MWp Solar PV Project, Usakos. COD February 2025, The Otjiwarongo 7.8MWp Solar PV and 2MW/10MWh BESS. COD June 2025.

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NAMIBIA DAM LEVELS UPDATE (December 2024) Dam's Full Capacity (in Mm3)

Present Volume for December 2024 (in Mm3)

100.00

1000.00

80.00 800.00

600.00

400.00

40.00

200.00

20.00

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0.00 N ec ka rt al

Water Volume (in Mm3)

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N Sw au te ak op po or t Vo n Ba O ch lu sh an dj O a m O ar m ur at u ak D o el ta D am O an ob D re O ih tji uk ve ro M O ai tji n ve ro Si lt Fr ie O d m en at au je nn e D am G or ea ng Ti ab ld a Vi ljo en Bo nd D el aa s n Vi ljo en

0.00

Name of Reservoir Author’s analysis and representation of NamWater’s weekly dam bulletin - dated 09 December 2024

DEFICIT 51.1%

CAPACITY

1556.71 Mm3

AVAILABILITY 48.9%

According to records by NamWater’s weekly Dam Bulletins, Namibia has a total Reservoir capacity of 1556.71 million cubic meters (Mm3), whose present volumes stand at 761.75 Mm3 (or 48.9%). This means that the country’s water deficit is currently 794.96 Mm3 (or 51.1%).

SOURCE: RDJ CONSULTING SERVICES CC

Transport & Mobility Is Namibia ready for a low-cost airline?

AUTHOR: David Jarrett and Team Editor @ RDJ Publishing and RDJ Group Chief Executive Officer

Courtesy: RDJ Consulting

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resident-elect, Netumbo Nandi-Ndaitwah has echoed a view that many Namibian’s have on the revival of our closed national carrier Air Namibia.

We take the opportunity to look at what if anything is the competitive landscape that “Air Namibia” or any such national airline would face. Airlines are as expected fast travel methods to move people and goods with some being local carriers and others do medium or long-haul routes.

However, noting the airlines that survived the fall out of Covid 19 on airlines, "low-cost carriers" seemed to have been the winners, and we focus on the incubation needed for Air Namibia or its equivalent to be re-introduced.

The term "low-cost carrier" (or LCC) refers to an airline that aims to offer lower fares and a no-frills flying experience. Some of the key characteristics of an LCC is Low Fares being the primary appeal through budget-friendly ticket prices. Accompanying this is No-Frills Service or very limited onboard services, often with no included meals, beverages, or in-flight entertainment. However, additional services are usually available for purchase and in some cases can be ordered in advance during ticket purchase.

It is also important that such an airline using a uniform fleet, often a single aircraft model (like the Boeing 737 or Airbus A320) or as in the case of Fly Namibia using Embraer’s, which it is understood to be key in reducing operating costs, maintenance and training costs. This is then bolted on to a high aircraft utilization rate that is achieved through quick turnaround times and high flight frequencies to maximize the use of their aircraft. These then are some of the strategies that help LCCs maintain low operational costs and pass savings onto passengers in the form of lower fares.

Currently, several airlines service Namibia, either allowing direct access or as route aggregators generally through Johannesburg, Cape Town, Victoria Falls, Addis Ababa and Frankfurt. What actually makes these airlines impressive is their limited times spent on the ground in Namibia.

FlySafair for example is a LCC based in Johannesburg, South Africa. It is a subsidiary of Safair, an established aviation company that has been operating since 1965.

FlySafair flies to 14 destinations in Sub-Saharan Africa, including major international destinations like Mauritius, Namibia, and Tanzania. The airline operates a fleet of 34 aircraft, including Boeing 737-400 and Boeing 737-800 models.

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Known for its on-time performance, FlySafair has managed to reduce the average ticket prices on some routes by as much as 39%. It therefore comes as no surprise that FlySafair recently launched a new route connecting Cape Town International Airport (CPT) to Hosea Kutako International Airport (WDH) in Windhoek. This route operates twice weekly, on Tuesdays and Saturdays, making cross-border travel between the two cities even more accessible and possibly even more affordable.

Airlink (formerly known as South African Airlink) is a regional airline based in Johannesburg, South Africa. It was founded in 1992 to provide services between smaller, under-served towns and larger hub airports. Over the years, Airlink has expanded to offer flights on larger, mainline routes. Airlink operates a network of over 60 routes to more than 45 destinations across Southern Africa, including countries like Madagascar and St Helena Island.

It has a fleet of around 67 aircraft and is also known for its reliability and full-service offerings, including in-flight catering and wider reclining seats. Airlink with its code share arrangement, operates several routes inside Namibia, connecting Windhoek Eros Airport to Ondangwa, Katima Mulilo, Lüderitz, and Oranjemund.

On the longer haul route, Discover Airlines for example is a airline based in Germany and is a subsidiary of the Lufthansa Group. The airline was founded in July 2021 as Eurowings Discover and rebranded to Discover Airlines in September 2023. It operates from its bases at Frankfurt Airport and Munich Airport. Discover Airlines flies to over 62 destinations around the Mediterranean, North America, the Black Sea, Africa, and the Caribbean. With a fleet of 27 aircraft geared or tailored to leisure travellers, focuses on sustainable travel that offset CO2 emissions through sustainable aviation fuels and climate protection projects.

With this well-established competitive landscape, any Namibian airline needs to have a very special offering to make it well received and financially sustainable.

Readings: https://www.airports.com.na/news/145/AIR-CONNECT-NAMIBIAWELCOMES-THE-LAUNCH-OF-FLYSAFAIR-S-SERVICES-CONNECTINGWINDHOEK-TO-CAPE-TOWN https://www.flysafair.co.za/about-us https://www.discover-airlines.com/xx/en/about-us/company https://flynam.com/the-flynamibia-airlink-partnership https://www.flyairlink.com Economist says no plan can revive Air Namibia amid Swapo’s promise of airline’s return - News - The Namibian

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Executive Spotlight Spotlight on Ms. Nangula Uaandja Interview by Ms. Silpa Kanghono (Coordinator: Digital Marketing and Events - RDJ Publishing)

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elcome to the final edition of the Executive Spotlight Series 2024. In this concluding edition, we are honoured to feature an exceptional leader whose

vision and dedication continue to shape Namibia’s economic landscape. Today, we have the privilege of conversing with Ms. Nangula Uaandja, the dynamic Chief Executive Officer and Chairperson of the Namibia Investment Promotion and Development Board (NIPDB).

1. Can you describe your Executive role?

I'm the Chief Executive Officer and Chairperson of the Namibia Investment Promotion and Development Board (NIPDB). NIPDB was created about four years ago and I was the founding incumbent in this role.

My role as CEO and Chairperson of the board also includes leading the execution of the mandate, which has two sides: One side is overseeing NIPDB, which currently has a headcount of close to 100 employees including interns and apprentices that support us. On the other hand is our mandate which is primarily investment promotion and supporting the development of micro, small and medium enterprises, with the ultimate aim of developing the Namibian economy. One of the key interventions that we have been able to introduce with the support of other government offices, ministries and agencies is the Investor the One-Stop Centre, which is a central place that is dedicated to providing excellent service to investors.

Another area that we look at is permitting and licensing. Permits are required to do business, and they are offered by various bodies or agencies. So, as a service provider, the NIPDB needs to understand the different permits required for different sectors, to be able to support the various government bodies to deliver services that are timely, efficient and effective.

The other component that we oversee is policy advocacy. Investors require a policy environment that is predictable and friendly for business. Therefore we review the country’s policies of Namibia and where there are gaps, advocate for the necessary policy reforms.

We also look at how Namibia compares with other countries from a competitiveness perspective to determine where we need to make changes.When the government is coming up with new policies, we work with the policy owners and provide input to make sure that that new policy is also strengthening the investment environment.

A crucial point of service delivery is connecting investors to the existing ecosystem in Namibia, and the NIPDB is tasked with facilitating the entry points into the Namibian ecosystem for investors entering our market, and making sure they have a soft landing in Namibia. For the investors that are already in the ecosystem, we support them through our Aftercare services.

We continue providing excellent service to existing investors and address constraints that they face. Whether they are business, or sector specific, we support investors in removing those constraints so that the sector becomes more productive, and they can in turn employ more people, which helps us become more productive as a country.

In the past, when investors land in Namibia, they would be sent from pillar to post, from one organisation to the next. With the institutionalisation of the NIPDB, as a government we are deliberately bringing services to investors in one place, which is the NIPDB Investor One-Stop centre.

In my role, I am also responsible for coordinating the relationship between the public sector and investors, which allows us to streamline service delivery for investors.

What does that mean?Number one: Investors are looking for quite a number of services, they are looking for skills and part of what we do is to determine whether Namibia has sufficient skills available to respond to the sectors that we are developing as a nation.

Number two, if we do not have those skills available in the country, then we explore the possibility of importing those skills and how best we can collaborate with the Ministry of Home Affairs, Immigration, Safety & Security to bring in those skills. Of course, we are keenly aware that we cannot continue importing skills forever. Therefore, it is important for us to continually work together with academic and educational institutions to develop local skills.

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2. Where does NIPDB derive its Mandate?

The NIPDB was announced at the pronunciation of the late President His Excellency Dr Hage Geingob, on the 16th of March 2020 when he announced his new government. He decided to escalate the role of investment promotion and MSME development from the Ministry of Industrialization, which was then called the Ministry of Industrialization Trade and MSME Development. He moved the component of investment and MSME Development to NIPDB. These components were previously in MIT held under the Namibia Investment Centre and SME Division.

At the time, the late President said that he needed to create this body which is mandated to look after investment promotion and MSME development. A Section 21 company was formed and pronounced as a public entity and was registered to implement Namibia's investment policy and related strategies. In accordance with the Foreign Investment Act of 1990, the mandate of investment promotion is assigned to the Namibia Investment Centre. A process is currently underway to promogulate a new Act that will officially move our mandate, which per the Act is currently vested under the Ministry of Industrialization and Trade, to the Namibia Investment Promotion and Development Board which is an independent agency.

3. What is the Vision, Mission and Value proposition of the organisation that you lead?

Ultimately the NIPDB exists to unlock opportunities for inclusive economic growth. We do this by facilitating trust relationships to attract and retain sustainable investment for private sector-led and inclusive economic growth. As part of its statutory mandate, the NIPDB also aims to improve Namibia’s competitiveness score, develop the required skills for sustainable investments that lead to job creation, and create an enabling ecosystem for MSME’s to thrive and scale.

4. As a mentor, what are some of the key attributes you bring to leading your organisation?

I love that question. I believe the first thing I bring is authenticity, openness and transparency. I am a person who values knowing people. I need to read you at face value, and with me people know where they stand. I believe that I bring clarity to people because they know what I expect from them, when and the level of quality required. Secondly, I have a mentor-coach leadership style, but of course I adapt the leadership approach based on the individuals I am dealing with. I'm here to coach and develop people.

become the best version of themselves. I mentor and I help them, and if they are probably feeling like they are in the wrong career or they are not getting it well we will have a good personal discussion.

So, one of the qualities that I have is really about identifying the strength and the weakness of people and it is about understanding people and understanding what I appreciate about them.

Above all I think I bring a lot of love and I’ve gotten to tell my people I love everyone of them from the bottom of my heart and therefore because of that I think people know that yes, I will hold them accountable but at the same time I will help them. I will support them. I will add value to them, I will protect them, but I will hold them accountable and yes, if we need to part ways it will happen.

I'm really focused on developing the person and if you focus on developing the person then I think you've got quite a group of people that are able to deliver solutions to employees so yes there's a lot of long list that I can look at but really my leadership is focused on coaching mentoring and developing the people that I work with so that together we are able to deliver more for our stakeholders and family.

5. What aspect of your sector keeps your work at night?

What keeps me awake at night is youth unemployment. If you look at why the late President created the NIPDB and elevated its role to the Office of the President, it is because investments have the potential to create the jobs that we need and therefore we believe we have this heavyweight of job creation on our shoulders.

Namibia has a high unemployment rate which is currently at 33% or higher and the unemployment rate among the youth is more than 46%. We are the second most unequal country in the world, and we have high poverty levels. They say one out of every 8 in a million is either multidimensionally or monetarily poor and these three things are challenging.

The late President always said that if we are not taking our young people out of the street, they can take us into the street. Whether this is a threat or potential threat of instability that can come with youth unemployment, the fact that we've got our young people that don't have an opportunity to work is challenging. Making sure that the investments we attract help develop MSME’s that are able to create jobs can cut the unemployment rate below our target.

I will start having some sleep when the unemployment rate in Namibia is in single digit, which means it must be less than 10% then I know we have reached our target. Maybe we will not reach this target during my tenure but if I set up an organization that has a solid foundation, then somebody will be able to build on that foundation to make sure that we continue to create jobs.

Therefore, whenever I work with somebody, I want to see them

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6. What has been your proudest moment to date leading the organization?

There are a few, but what is interesting is I am finalizing my 4th year working at NIPDB and therefore entering my fifth year of a 5-year contract. I am not a sentimental type of person and I'm not somebody who attaches value to some things, yet recently it occurred to me that we (NIPDB) have been here for 4 years…. have we done anything? have we achieved much?

After reflecting, I considered the fact that we've been here for four years, and we were handed the investment promotion and MSME development mandate with about 17 employees that came from the Ministry of Industrialisation and Trade. Most of these employees had one level of expertise or one level of experience primarily in the public sector. However, we needed a diverse organization with experience in both the private sector and public sector, ranging from economics, marketing, administrative skills, technical skills such as engineers, geologists and legal expertise.

Today, after 4 years we have employed more than 80 new staff members, we have an organisation with policies in place, and we have implemented our internship and graduate programme. We have an operational Investor One-Stop Centre where we have

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entered into Memoranda of Understanding with various OMAs that are represented in the centre. We have built relationships with the public sector who have welcomed us and support us in this mandate. The NIPDB is well known and we believe that we have taken the Namibia brand globally. That’s why we are business delegations and visitors coming from all over the world whether it's from Asia, Europe, the America's and Africa.

My proudest moment is this team here that we have built over the past four years. Nothing would have been achieved without them.

The team was able to deliver, and we can now say Namibia has attracted and grounded investments in different parts of the country. If you look at the growth in our foreign direct investment (FDI), in 2023 Namibia attracted one her highest FDI. The 2024 figures are yet to be announced but our FDI is on the increase. That is not solely attributed to the work of NIPDB, but the collective efforts of various government offices, ministries and agencies working together to drive our economy forward.

The NIPDB is playing a coordinating, supporting and facilitating role so I'm very, very proud of the team that we have built at NIPDB and I'm proud of our families because there is nothing that we can do without the support of our loved ones and of course our colleagues in the public service and the private sector who continue to support us every day. Thank you very much.

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Tenders

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Bid Closing Date: 14 January 2025 at 14:30 pm at 11am Namibian Time https://www.rfanam.com.na/open-bids/#

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Press Releases

CONTRIBUTING AUTHORS

NICOLE FELIX CHIEF DESIGNER (LAYOUT AND DESIGN) @RDJ PUBLISHING

DAVID JARRETT EDITOR AND CHIEF EXECUTIVE OFFICER @RDJ GROUP

SILPA KANGHONO COORDINATOR: DIGITAL MARKETING AND EVENTS @RDJ PUBLISHING

LAHJA AMAAMBO CONTRIBUTING AUTHOR @RDJ GROUP

PUBLISHED BY:

GRACE KANGOTUE CHIEF RESEARCHER/ECONOMIST DEPUTY EDITOR @ RDJ CONSULTING

CHILOMBO OLGA PRISCILA CONTRIBUTING AUTHOR @RDJ GROUP

RESEARCH BY:

RENEE JARRETT EXECUTIVE - ADMINISTRATION @RDJ GROUP

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