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RCON: 0.4034+0.0034 (+0.85%)

BEIJING, June 7, 2023 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") today announced that Nanjing Recon Technology Co., Ltd ("Nanjing Recon") has been awarded a contract worth RMB 6,104,000 (or USD 1.0 million) for the Ground Control Project in the Deep Shale Gas Field at a Well Area in Chongqing City located in mainland China.

The Company will commence the project upon contract execution and expects to complete services no later than December 31, 2024.

Under the terms of the contract, Nanjing Recon will implement the Ground Control Project, which focuses on the autonomous monitoring and control system for the deep shale gas field. This project marks another significant milestone for Recon, and further solidifying its position as a key player in providing innovative solutions to the oil and gas industry in China.

"We are very pleased to have been awarded this contract for the ground control project in the deep shale gas field," said Mr. Shenping Yin, Founder and CEO of Recon Technology. "This project underscores our commitment to providing cutting-edge technologies and solutions that enhance operational efficiency and safety in the oil and gas sector. We are confident that our expertise and experience will contribute to the success of the project and further strengthen our prominent position in the industry."

The deep shale gas field at the well site has immense potential for the development of shale gas resources. Recon's advanced autonomous monitoring and control solution will play a critical role in optimizing production processes, ensuring environmental protection, and maximizing the efficiency of deep shale gas productions.

Recon Technology will now proceed to finalize the contract. The company is committed to delivering the project to the highest standards and within the agreed timeframe.

About Recon Technology, Ltd ("RCON")

Recon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/. Nanjing Recon is a variable interest entity of Recon Hengda Technology (Beijing) Co., Ltd., a mainland China subsidiary of Recon.