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Highlights
Reconnaissance Energy Africa Ltd. (TSX-V: RECO, OTCQX: RECAF), is a Canadian oil and gas exploration company focused on the development of the Kavango Basin, which straddles northeastern Namibia and southern Angola. The company holds a 90% working interest in its Namibian license and a 100% interest in its Angolan acreage. ReconAfrica’s current exploration activities target both oil and natural gas within underexplored geological formations. The company is headquartered in Vancouver, Canada, and trades on the TSX Venture Exchange and OTCQX.
The company has finalized a CAD 19 million public offering to support its upcoming drilling campaign in Namibia’s Kavango Basin. The offering was upsized and included the full exercise of the over-allotment option. Funds will be allocated toward drilling the company’s Kavango West 1X well, the second exploration test targeting the Damara Fold Belt play in the region.
The Kavango West 1X well is scheduled for spud following drill site preparation and the receipt of remaining regulatory approvals. Rig mobilization is expected to commence in late June 2025. According to a December 2024 resource report, the well targets an estimated 346 million barrels of gross unrisked prospective light and medium crude oil resources, or approximately 1,839 billion cubic feet of natural gas. ReconAfrica holds a 90% working interest in the asset.
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