Core Viewpoint - Reconnaissance Energy Africa Ltd. has successfully completed an upsized underwritten public offering, raising approximately C$19 million for exploration and corporate purposes [1][2]. Offering Details - The offering was led by Research Capital Corporation, with participation from Canaccord Genuity Corp. and Haywood Securities Inc. [2] - BW Energy Limited and other investors contributed approximately C$4.7 million to the offering, with BW Energy's units subject to a six-month lock-up agreement [2][3]. - Each unit consists of one common share and one warrant, allowing the purchase of an additional common share at C$0.60 until June 17, 2027 [3]. Use of Proceeds - Net proceeds from the offering will primarily fund exploration activities, specifically the drilling of the Kavango West 1X well [4]. - The company is finalizing access road and drill site preparations while awaiting necessary permits, with drilling scheduled to commence in late June 2025 [4]. Exploration Potential - The Kavango West 1X well targets 346 million barrels of gross unrisked prospective light/medium crude oil resources and 1,839 billion cubic feet of gross unrisked prospective natural gas resources [5]. - The Damara Fold Belt play, where the well is located, spans 11.5 million acres across Namibia and Angola, with significant estimated resources [6][7]. Strategic Developments - The company has entered a Memorandum of Understanding with Angola's National Agency for Petroleum, Gas and Biofuels for a joint exploration project, enhancing its asset portfolio [7]. - The agreement adds 5.2 million contiguous acres in Angola to the existing 6.3 million acres in Namibia, emphasizing the potential of the Damara Fold Belt and Rift Basin [7]. Resource Estimates - The Damara Fold Belt is estimated to hold 2.6 billion barrels of unrisked prospective light/medium crude oil resources, with 156.5 million barrels risked [8]. - The prospective resources are categorized based on the level of certainty associated with recoverable estimates, with no guarantee of discovery or commercial viability [6][23].