Chamwe Kaira
Reconnaissance Energy Africa Ltd. has raised C$36.8 million (about N$431 million) through a public share offering to fund its oil and gas activities in Namibia and Gabon.
The offering was led by Research Capital Corporation, with participation from Canaccord Genuity Corp and Haywood Securities ReconAfrica sold 38.7 million units at C$0.95 each.
Each unit consists of one common share and half a warrant, giving holders the option to purchase additional shares at a later date.
The company said the funds will support operations across its portfolio. In Namibia, the proceeds will be used to test and install production equipment at the Kavango West 1X well and to begin drilling an appraisal well at the Kavango discovery.
In Gabon, the funds will go toward reprocessing seismic data and preparing an appraisal well at the Loba discovery in the Ngulu Block. A portion of the money will also be used for general corporate purposes.
BW Energy, through its subsidiary BW Energy Services Limited, purchased more than 2.3 million units in the offering.
Following the transaction, BW Energy now holds over 26 million shares and about 25 million warrants in ReconAfrica. Several company insiders also participated in the share sale.
ReconAfrica said the warrants are expected to begin trading on the TSX Venture Exchange around 23 January 2026.
The company conducts oil and gas exploration in northeastern Namibia, southeastern Angola, northwestern Botswana and offshore Gabon.
ReconAfrica said it applies international standards aimed at reducing environmental impact and promoting responsible social practices in its operating areas.
ReconAfrica has identified more than 19.6 billion barrels of undiscovered original oil-in-place on a 100% working interest basis.
This includes 3.4 billion barrels of unrisked prospective oil resources from 19 prospects in the Damara Fold Belt and 0.5 billion barrels of unrisked prospective oil resources from six prospects in the Kavango Rift Basin, both calculated on a 100% working interest basis.
Caption
ReconAfrica has raised funds to test and install production equipment at the Kavango West 1X well and to begin drilling an appraisal well at the Kavango discovery.
- Photo: Contributed
