ReconAfrica Raises C$19 M to Fund Exploration in Namibia

Reconnaissance Energy Africa (ReconAfrica) has raised gross proceeds of C$19 million to finance exploration activities, including drilling the Kavango West 1X well in the Damara Fold Belt in Namibia.

The well targets 346 million barrels of gross unrisked prospective crude oil and 1,839 billion cubic feet of natural gas. Drilling is scheduled to begin after rig mobilization later this month, pending final permits.

The public offering, priced at C$0.50 per unit, included full exercise of the over-allotment option. Each unit consists of one common share and one warrant exercisable at C$0.60 until June 17, 2027. The warrants are expected to begin trading on the TSX Venture Exchange under the symbol “RECO.WT.A” on or about June 24, 2025, subject to final approval.

The Company has also signed an MoU with Angola’s ANPG for a joint exploration venture in the Etosha-Okavango basin, expanding ReconAfrica’s presence to 13 million contiguous acres across Namibia and Angola.

Final approval has also been granted for the extension of previously issued unlisted warrants, now valid through 2027.