Signed

Recon Technology Signed A $2.8M Contract for Provision of Detailed Design of Heavy Oil Transportation System in Garraf Oilfield

BEIJING, May 5, 2020 /PRNewswire/ — Recon Technology, Ltd. (NASDAQ: RCON) (“Recon” or the “Company”) today announced it signed a $2.8 million engineering and construction service subcontract with Grand Energy Development Limited on a heavy oil transportation system project (the “Project”) in Garraf oilfield in Iraq for the services that Recon has provided. Pursuant to the subcontract, Recon shall carry out all the engineering design services, provide the technical support to the procurement, construction, commissioning activities and provide the training services of the heavy oil transportation system project.

Garraf oilfield is located in the province of Thi Qar, Iraq, approximately 5km north-west of Al-Refaei city and 85km north of Nasiriya city. The oilfield is 17.5km long and 5.5km wide. It is estimated to hold 1.3 billion barrels of oil reserves. Based on the Final Development Plan approved by the Government of Iraq in 2018, the oilfield is undergoing

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