ReconAfrica Announces C$20 Million Overnight Marketed Offering to Advance Multi-Zone Production Testing at Kavango West 1X, Accelerate Follow-on Appraisal Drilling on Kavango Discovery and Advance Activities at Ngulu Block in Gabon

Core Viewpoint - Reconnaissance Energy Africa Ltd. is conducting a private placement offering to raise C$20,000,000 to fund its 2026 capital program, which includes advancing multiple exploration and production activities across its portfolio [1][4]. Offering Details - The offering consists of units priced at C$0.95 each, with each unit comprising one common share and one-half of a common share purchase warrant, exercisable at C$1.20 for up to 36 months [1][3]. - The offering is led by Research Capital Corporation and includes participation from management and directors of the company [1][2]. - An over-allotment option allows underwriters to purchase up to 15% additional units [11]. Use of Proceeds - The net proceeds will support a comprehensive capital program, including advancing the Kavango discovery towards commercialization, progressing the Loba discovery offshore Gabon, and preparing for drilling in Angola [4][8]. - Specific activities include production testing at the Kavango West 1X well, advancing pre-drill operations for an appraisal well, and re-processing seismic data for the Loba discovery [5][10]. Corporate Update - The company has opted for a production test at the Kavango West 1X well, focusing on controlled testing of hydrocarbon-bearing intervals due to thicker than expected sections [5][6]. - The appraisal well location for the Kavango structure is being selected, with plans for permitting and drill-site preparations [7]. Regional Developments - In Angola, the company plans to accelerate geochemical sampling and commence permitting for a potential 2D seismic program in the MOU area [9]. - In Gabon, the company signed a Production Sharing Contract for the Ngulu block and is gathering seismic data for further evaluation [10].