ReconAfrica Announces Upsize of Underwritten Offering to C$32.0 Million 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. has increased the size of its private placement offering due to strong investor demand, aiming to raise C$32 million to fund its 2026 capital program and expedite activities across its portfolio [1][4]. Offering Details - The offering consists of 33,684,300 Units priced at C$0.95 each, with each Unit comprising one common share and one-half of a common share purchase warrant [1][3]. - The warrants will allow holders to purchase one common share at an exercise price of C$1.20 for up to 36 months from the closing of the offering [3]. - The offering is expected to close around January 19, 2026, subject to regulatory approvals [11]. Use of Proceeds - Net proceeds from the offering will be allocated to various activities, including: - Conducting production tests at the Kavango West 1X well, which will involve testing up to eight hydrocarbon-bearing intervals [4][5]. - Advancing the appraisal well location and permitting for the Kavango structure to facilitate a final investment decision [6]. - Accelerating geochemical sampling in Angola and commencing permitting for a potential 2D seismic program [7]. - Re-processing seismic data at the Loba discovery in Gabon to progress towards a resource report [9]. Corporate Update - The company is committed to minimal habitat disturbance and adheres to international environmental and social best practices in its operations across the Damara Fold Belt and Kavango Rift Basin [18].