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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.
ReconAfrica (OTCQX: RECAF) reported continued operational progress in Namibia toward production testing of the Kavango West 1X (KW1X) well with partners NAMCOR and BW Energy.
Six optimized zones across 420 metres of hydrocarbon-bearing intervals will be tested, with downhole testing expected to begin before end-May and results targeted for mid-to-late July 2026.
ReconAfrica (OTCQX: RECAF) provided an operational update and 2025 year-end results on April 15, 2026. Key highlights include closing the BW Energy farm-in (ReconAfrica 70% operator; BW 20%; NAMCOR 10%), the Kavango West 1X discovery with ~75 metres pay, start of production testing in Q1 2026, and a 55% working interest Ngulu PSC in Gabon. The company filed a base shelf prospectus (April 13, 2026), received $3.0 million from 2026 warrant exercises, and began 3D seismic reprocessing with delivery expected Q4 2026.
ReconAfrica (TSXV: RECO; OTCQX: RECAF) commenced production testing at the Kavango West 1X discovery on schedule, following receipt of required permits and arrival of a North America‑procured production liner. Petrophysical updates increased Huttenberg net hydrocarbon pay to 75 metres and 345 metres of prospective interval will be isolated for multi‑zone testing.
In Gabon, 3D seismic reprocessing is underway on the Ngulu block; a third‑party resource report for the Loba discovery is expected by end of 2026.
ReconAfrica (OTCQX: RECAF, TSXV: RECO) closed an underwritten financing for aggregate gross proceeds of C$36,800,098 by issuing 38,736,945 Units at C$0.95 each. Each Unit includes one common share and one-half warrant (warrant exercise price C$1.20, 36-month term). Net proceeds will fund production testing and production casing at Kavango West 1X, spudding an appraisal well on the Kavango discovery, re-processing seismic and advancing a resource report and drill‑ready status at the Ngulu block (Loba discovery) in Gabon, plus general corporate purposes. BW Energy acquired 2,315,780 Units and now beneficially owns 26,338,780 shares and 25,180,890 warrants (approximately 6.96% undiluted and 12.77% diluted). Underwriters received a 6% cash fee and 2,148,045 broker warrants. Warrants are expected to begin trading on the TSXV around Jan 23, 2026.