ReconAfrica Strikes Oil Shows in Namibia, Shares Jump 50%

Core Insights - Reconnaissance Energy Africa's shares surged over 50% following the announcement of significant hydrocarbon pay zones at the Kavango West 1X exploration well in northeastern Namibia [1] - The well encountered approximately 400 metres of gross hydrocarbon-bearing section, including 64 metres of net hydrocarbon pay, indicating strong potential for further exploration [2] - The drilling reached a total depth of 4,200 metres, confirming about 85 metres of net reservoir across multiple limestone units [3] Exploration Details - The well was temporarily abandoned and is scheduled for re-entry in Q1 2026 for a full production test, which will include a Tubing-Conveyed Perforating test targeting both the confirmed pay and deeper hydrocarbon shows [4] - CEO Brian Reinsborough described the results as a "success case" and emphasized the potential for the broader Damara Fold Belt, with the company holding a 70% operating interest in PEL 73 [5] Market Reaction - Following the positive update, ReconAfrica's shares increased by 31% in Toronto and 33% in U.S. over-the-counter markets [6]