ReconAfrica closes upsized C$19M offering to fund drilling at Kavango West 1X Well in Namibia

Reconnaissance Energy Africa CEO Brian Reinsborough joined Steve Darling from Proactive to announce the successful completion of the company’s previously announced and upsized underwritten public offering, raising gross proceeds of approximately C$19 million. The financing, which drew participation from key stakeholders including BW Energy Limited, members of ReconAfrica’s board and management, and other institutional investors, marks a significant milestone in funding the next phase of exploration in Namibia. BW Energy invested approximately C$4.7 million in the offering, with the units purchased subject to a six-month lock-up agreement—a strong vote of confidence in ReconAfrica’s strategic direction and the long-term potential of its assets. Reinsborough stated that the net proceeds from the offering will primarily be used to fund the upcoming drilling of Prospect I, formally named the Kavango West 1X well, located within the company’s Damara Fold Belt play in northeast Namibia. Construction of the access road and drill site is already underway, and rig mobilization is scheduled for late June, with drilling to commence shortly thereafter upon receipt of final permits. The Kavango West 1X well will be the second exploration test targeting the vast Damara Fold Belt system, a frontier basin play that spans a structurally complex region identified through modern 2D seismic data. The specific structure being targeted is a large fold measuring over 20 kilometers in length and 5 kilometers in width, interpreted to host a thick Otavi carbonate reservoir section—the primary exploration target in the play. Reinsborough emphasized the strategic significance of this well, noting that a successful result at Kavango West 1X could be transformational for both ReconAfrica and the broader understanding of Namibia’s underexplored Damara Fold Belt. #proactiveinvestors #reconnaissanceenergyafricaltd #tsxv #reco #otcqx #recaf #NamibiaOil #ProspectI #OilExploration #EnergyUpdate #OnshoreDrilling #OilAndGasNews #AfricanEnergy #OilDiscovery #EnergyInvesting #OilExploration #NamibiaOil #EnergyInvesting #KavangoBasin #BrianReinsborough #OilAndGas #InvestorUpdate #ProactiveInvestors #AngolaEnergy