Chamwe Kaira
Reconnaissance Energy Africa Ltd (ReconAfrica) has increased the size of its fundraising to C$32 million after strong investor interest.
The Canadian-listed oil and gas company plans to sell about 33.7 million new units at C$0.95 each.
The funds will be used mainly to advance work on its oil discovery in Namibia, prepare further drilling, and push ahead with exploration activities in Angola and offshore Gabon.
The fundraising is being led by Research Capital Corporation, together with Canaccord Genuity and Haywood Securities.
Members of ReconAfrica’s management and board will also invest in the offering.
Each unit consists of one ordinary share and half of a warrant. The warrant gives investors the right to buy additional shares at a higher price at a later date.
The transaction is expected to close around 19 January 2026, subject to regulatory approvals.
ReconAfrica said the new funding will support an expanded work programme in 2026.
This follows results from the Kavango West 1X well in north-eastern Namibia and the addition of the Ngulu Block offshore Gabon to the company’s portfolio.
In Namibia, the company plans to carry out extended testing at the Kavango West 1X well to better assess oil and gas production levels.
It also intends to prepare a second well in the Kavango area to help confirm the size and commercial potential of the discovery before any move towards full-scale production.
In Angola, ReconAfrica plans to accelerate fieldwork near the Namibian border.
This includes collecting surface samples where oil is naturally visible and preparing for survey work to guide future drilling. Field teams are expected to begin this work in April 2026.
In Gabon, the company is focusing on its offshore Ngulu Block, which includes the Loba discovery. ReconAfrica is reviewing and updating existing survey data to better understand the block’s potential. Based on this work, the company aims to identify a future drilling location.
A portion of the funds raised will also be used for general corporate expenses and day-to-day operations.
ReconAfrica operates in Namibia, Angola, Botswana and Gabon and says it aims to conduct its exploration activities while limiting environmental impact and meeting international environmental and social standards.
Caption
Reconnaissance Energy Africa has increased the size of its fundraising to C$32 million.
- Photo: Contributed
