ReconAfrica (RECAF) approved a grant of 250,000 stock options to Ryan Kubik, who joined its board effective October 1, 2026.
Each option is exercisable for one common share at C$0.79 for a five-year term expiring November 2, 2031, with vesting under the shareholder-approved stock option plan. The exercise price matches the options announced for employees, officers and directors on August 26, 2026. Disinterested directors approved the grant, which qualifies as a related-party transaction. The company is relying on exemptions from formal valuation and minority shareholder approval requirements.
ReconAfrica (RECAF) has resumed horizontal drilling at Kavango West 1X after receiving all required permits for drilling and flow testing.
The approvals include an Environmental Clearance Certificate and a horizontal drilling permit amendment. Sidetrack drilling has commenced and is scheduled to take approximately one month, targeting a horizontal wellbore of up to 1,000 metres in the upper Huttenberg formation. Flow testing will follow well completion to assess sustained flow rates, reservoir pressure response, and liquid yield and composition. Testing could take up to one month, with results expected before year-end. Partners include BW Energy with a 20% working interest and Namibia’s National Petroleum Corporation with a 10% carried working interest.
ReconAfrica (RECAF) appointed Ryan Kubik as an independent member of its board of directors, effective October 1, 2026. Kubik has more than 30 years of energy, finance and corporate leadership experience, including more than 15 years in chief executive and chief financial officer roles at public and private companies.
He served as MEG Energy’s chief financial officer from 2022 to 2025 and previously held the chief financial officer and senior vice president, corporate strategy roles at Heritage Royalty. At Canadian Oil Sands, he was chief executive officer from 2013 to 2016 and chief financial officer from 2007 to 2013. His governance experience includes chairing Syncrude Canada’s board, Audit Committee and Management Committee. Kubik holds CPA, CFA and ICD.D designations and a Bachelor of Commerce from the University of Calgary.
ReconAfrica (RECAF) has resumed operations at its KW1X well in Namibia ahead of a planned horizontal flow test.
Samples from the Huttenberg and Elandshoek formations in the vertical test indicate thermogenic gas with liquid potential and maturity from late oil to early gas. Sustained flow rates and liquid yields remain to be measured. The Jarvie-1 rig has begun work in the vertical wellbore. Subject to approvals and equipment arrival, horizontal drilling could begin in October, take about one month and be followed immediately by flow testing. The design targets a wellbore of up to 1,000 metres.
Preliminary soil results from Angola's MOU acreage suggest a thermogenic petroleum system with liquid potential; 2D seismic may follow in 2027. At Gabon's Ngulu block, 3D seismic reprocessing is expected to finish before year-end. A resource report will be commissioned, and Loba appraisal well locations will be selected.
ReconAfrica (TSXV: RECO, OTCQX: RECAF) announced that its board approved the grant of 7,715,900 stock options and 3,981,900 restricted share units under its shareholder-approved equity plans. Of these, 6,188,600 options and 3,484,200 RSUs were granted to insiders, while 4,210,000 options have expired since the previous grant on September 30, 2025.
The options are exercisable at $0.79 per share for five years and vest under the Stock Option Plan. RSUs vest over three years in line with the RSU/DSU Plan and regulatory requirements. According to ReconAfrica, these awards form part of its annual compensation program aimed at aligning participants’ interests with long-term share-price performance.
ReconAfrica (OTCQX: RECAF) reported its second quarter 2026 results, highlighting progress across exploration and testing activities and its balance sheet. The company commenced production testing of the KW1X well in Namibia, flowing hydrocarbons to surface from two separate zones and preparing an open-hole horizontal production test in the Huttenberg.
ReconAfrica completed geochemical sampling of surface oil seeps in its Angola MOU area, with results expected shortly, and continued seismic reprocessing at the Ngulu block offshore Gabon. The company reported $24.2 million in cash at quarter-end, received approximately $5.6 million in warrant proceeds year-to-date, and reduced its fully diluted share count by about 10%.
ReconAfrica (OTCQX: RECAF) reported preliminary vertical production test results from the Huttenberg formation at the Kavango West 1X discovery well in Namibia. The upper Huttenberg zone flowed natural gas and potential liquids to surface immediately upon perforation, without acid stimulation, while the previously disclosed upper Elandshoek zone also flowed hydrocarbons to surface. Flow rates were not measured due to equipment limitations.
Vertical testing at KW1X is now complete, and the Huttenberg has been prioritized for an open-hole horizontal production test targeting up to 1,000 metres, based on 75 metres of identified pay and favourable fracture and porosity characteristics. ReconAfrica has mobilized additional high-pressure pumps, a swabbing unit and surface equipment, retained Halliburton and H2OIL as key service providers, and plans a subsequent horizontal test at the KW2A appraisal well to assess reservoir extent.
ReconAfrica (OTCQX: RECAF), with partners BW Energy and NAMCOR, reported preliminary production testing results from the Elandshoek formation in the Kavango West 1X discovery well in Namibia. Three lower Elandshoek zones were perforated and tested; the uppermost 47-metre zone flowed natural gas and liquids to surface on three tests, with hydrocarbons flared after sampling about eight litres for laboratory compositional analysis in the United States.
The company is now moving test equipment to three identified zones in the shallower Huttenberg formation, covering 182 metres of reservoir with 76 net metres of hydrocarbon pay on logs. Testing is expected to take about 10 days per zone, with the next update targeted for late August. ReconAfrica is also evaluating a potential horizontal or deviated sidetrack in the upper Elandshoek to better intersect natural fractures and potentially increase flow rates.
ReconAfrica (TSXV: RECO, OTCQX: RECAF) and partners NAMCOR and BW Energy have started production testing at the Kavango West 1X discovery in Namibia.
Testing covers six optimized intervals totaling 420 m of hydrocarbon-bearing sections in the Huttenburg and Elandshoek formations, with results targeted by late July.
ReconAfrica (OTCQX:RECAF) filed its fiscal first quarter 2026 disclosure documents, including unaudited financial statements and MD&A, and reported progress at the Kavango West 1X discovery.
Key updates include an upsized $36.8 million unit financing, permit extensions, production testing timelines, and preparations for the KW2A appraisal well.