Closely-watched Namibia well set to enter reservoir in October ReconAfrica’s closely-watched second exploration well onshore Namibia is expected to enter the targeted reservoir next month. The high-risk Kavango West-1X probe spudded on 31 July in the frontier Kavango basin of northeast Namibia. This is the second well to be drilled in Petroleum Exploration Licence 73 by the Toronto-listed junior

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ReconAfrica raises N$248 million in upsized equity offering to fund drilling in Namibia ReconAfrica has closed a C$19 million (about N$248 million) upsized public offering of units, including the full exercise of the over-allotment option, to fund upcoming exploration activities in Namibia’s Kavango Basin. Proceeds will be used to drill the Kavango West 1X exploration well—ReconAfrica’s second test of the Damara Fold Belt

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ReconAfrica, Namcor deal not sealed yet CHAMWE KAIRA Reconnaissance Energy Africa Ltd. (ReconAfrica) and the National Petroleum Corporation of Namibia (Namcor) have not yet finalised the transaction announced for September 22, 2022. ReconAfrica said discussions are ongoing. The agreement involves ReconAfrica acquiring half of Namcor’s 10% carried participating interest in the 6.3 million-acre Petroleum Exploration Licence (PEL 73) in the Kavango Basin. ReconAfrica also announced that Grayson Andersen has left the company to pursue new career opportunities. Mark Friesen has joined as Managing Director, Investor Relations and Capital Markets. He is based in Calgary and brings experience in energy finance and investor relations in the Canadian and US markets. ReconAfrica is a Canadian oil and gas company exploring the Damara Fold Belt and Kavango Rift Basin across northeastern Namibia, southeastern Angola, and northwestern Botswana. It holds petroleum licences covering well over 13 million acres. The company is preparing to drill its next well, Prospect I, located onshore Namibia in PEL 73. It is the largest exploration target ReconAfrica has drilled to date. The company said it is committed to minimising environmental disturbances and following international environmental and social practices across its projects. ReconAfrica recently entered into a Memorandum of Understanding with Angola’s National Oil, Gas and Biofuels Agency (ANPG) for a joint exploration project in the Etosha-Okavango Basin in southeastern Angola. The project adds 5.2 million acres to the company’s asset base. ReconAfrica holds an 80% working interest in the MOU area, while Sonangol holds 20%. ReconAfrica will have exclusive rights during the MOU term. Under the agreement, the company will lead geological studies, conduct a regional oil and gas seep study, plan a 2D seismic programme, and perform geochemical analysis and sampling. These activities will take place over a 24-month period.

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Recon expects 2025 to be successful Chamwe Kaira  Reconnaissance Energy Africa Ltd has filed its annual disclosure documents for the nine-month period ending 31 December 2024. The company holds interests in exploration prospects under Petroleum Exploration Licence 73 in the Kavango Basin, Namibia. It is focused on the Damara Fold Belt and Kavango Rift Basin, covering parts of northeastern Namibia, southeastern Angola, and northwestern Botswana. In April 2024, ReconAfrica raised US\$17.5 million through a bought deal public offering. In July 2024, it raised another US$38.8 million through an underwritten public offering. In November 2024, the company completed drilling operations of the Naingopo exploration well. The results showed a working petroleum system in the Damara Fold Belt. Later in 2024, ReconAfrica signed a farm-down agreement with BW Energy Ltd. The deal included a 20% working interest in Licence 73, a US$22 million equity investment to support a multi-well exploration program, and potential contingent payments of up to US$180 million. The agreement was approved in January 2025. The licence ownership now stands at 70% ReconAfrica, 20% BW Energy, and 10% Namcor. “We completed our farm down transaction with BW Energy Ltd., which was a significant milestone for the company,” said Brian Reinsborough, President and CEO of ReconAfrica. The company also released its first sustainability report in 2024. “We drilled our first Damara Fold Belt well safely and without incident,” said Reinsborough. “The Naingopo exploration well demonstrated the liquid hydrocarbon potential of the Damara Fold Belt.” ReconAfrica is now preparing to drill Prospect I, expected to spud later this quarter. “I am excited about Prospect I as this is the best risked exploration well drilled to date by the company,” Reinsborough said. Prospect I targets 346 million barrels of unrisked prospective light/medium crude oil and 30 million barrels of risked prospective light/medium crude oil, both on a 100% working interest basis. “We are looking forward to 2025 being another successful year with drilling our highly anticipated Prospect I and commencing our planned 3D seismic program in Namibia,” said Reinsborough.

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