ReconAfrica (OTCQX:RECAF) has filed a prospectus supplement for its previously announced upsized overnight marketed underwritten public offering of units, targeting C$18 million. The filing was made on September 22, 2025, supplementing the company's final short form base shelf prospectus dated February 29, 2024.
The prospectus has been filed with securities commissions across all Canadian provinces and territories, following the "access equals delivery" provisions. Investors can access the prospectus through SEDAR+ or obtain copies from Research Capital Corporation.
ReconAfrica (OTCQX:RECAF) has entered into a strategic production sharing contract (PSC) for offshore exploration in Gabon's Block C-7 (Ngulu). The company will be the operator with a 55% working interest in partnership with Record Resources (20%), Gabon Oil Company (15%), and the Republic of Gabon (10%).
The Ngulu block spans 1,214 Km² in shallow water offshore central Gabon and includes the Loba oil field discovery, which has 140 metres of gross pay and potential production of ~20,000 Bbls/d. The block contains 28 mapped prospects analogous to Gulf of Mexico play types, with nearby producing fields ranging from 38 MMBbls to 250 MMBbls in size.
Under the initial four-year PSC terms, ReconAfrica commits to conducting geological studies, advancing 3D seismic reprocessing, and drilling one well, positioning the company for near-term oil production potential and exploration growth in a major oil-producing region.
ReconAfrica (OTCQX: RECAF) provided an update on its Kavango West 1X exploration well drilling operations in Namibia. The well, which began drilling on July 31, 2025, has reached a depth of 1,910 meters and is currently in the 8.5-inch section.
The company plans to set the final casing string at 2,400 meters before penetrating the Otavi reservoir zone in October. The drilling plan includes exploring approximately 1,500 meters of the Otavi reservoir, with a total depth target of 3,800-4,250 meters expected to be reached by November 2025. Final well results are anticipated around year-end.
ReconAfrica (OTCQX: RECAF) has filed its Q2 2025 financial documents and provided operational updates. The company successfully closed a C$19 million equity financing in June 2025, which was upsized from the initial C$10 million target.
The company has commenced drilling operations at the Kavango West 1X exploration well, which spudded on July 31, 2025. The drilling is progressing as planned, with expectations to reach the Otavi reservoir by late October and achieve total depth by November end. Well results are anticipated to be released around year-end 2025, with an interim drilling update expected in early September.
ReconAfrica (OTCQX:RECAF) has commenced drilling the Kavango West 1X exploration well in Namibia on July 31st, 2025. The well targets the Damara Fold Belt play with a planned depth of 3,800 metres, expected to penetrate over 1,500 metres of Otavi carbonate reservoir section.
The prospect features a large structural fold spanning 22 kilometers long by 3 kilometers wide. The company has identified over 19 prospects and four leads in the Damara Fold Belt trend, plus secured 5.0 million acres in neighboring Angola through a recent MOU.
Additionally, ReconAfrica has postponed its planned 3D seismic program from H2 2025 to 2026 due to ongoing drilling activities. The company also granted 6,960,000 stock options at $0.60 per share, expiring July 31, 2030.
ReconAfrica (OTCQX: RECAF) has announced key operational updates for its Kavango West 1X exploration prospect in Namibia. The company is set to spud its second test well in the Damara Fold Belt play before the end of July 2025. The exploration well will reach a total depth of 3,800 meters and target over 1,500 meters of Otavi carbonate reservoir section.
The prospect covers a large structural fold spanning 22 kilometers long by 3 kilometers wide. ReconAfrica has identified over 19 prospects and leads in the Damara Fold Belt trend, with an additional 5.0 million acres secured in Angola through a recent MOU. Additionally, the company announced that Corporate Director Iman Hill will resign effective July 31, 2025, reducing the Board to five members.
ReconAfrica (RECAF) has filed its Q1 2025 financial documents and provided key operational updates. The company received approval from Namibia's Ministry of Mines & Energy for a farm-down agreement with BW Energy acquiring a 20% interest in PEL 73. Following the Naingopo exploration well results, ReconAfrica selected Prospect I as its next and largest drilling target.
A significant expansion was achieved through an MOU with Angola's ANPG, adding 5.2 million acres of exploration lands in the Etosha-Okavango basin. The company is progressing with pre-construction activities at Prospect I, including de-brushing, de-mining, and infrastructure development. The drilling rig is expected to move in late June with spudding shortly after.
ReconAfrica has announced significant developments in its Namibian oil exploration operations. The company completed a strategic farm down with BW Energy, transferring 20% working interest in PEL 73, while maintaining 70% ownership (10% held by NAMCOR). The deal includes a $22 million equity investment and potential $180 million in contingent payments.
Key operational highlights include completing the Naingopo exploration well, which proved hydrocarbon potential in the Damara Fold Belt. The upcoming Prospect I well targets 346 million barrels of unrisked prospective oil resources. The NSAI Report revealed 12.8 billion barrels of undiscovered original oil in place in the Damara Fold Belt play.
The company strengthened its governance by appointing Diana McQueen as Board Chair and raised $56.3 million through public offerings. ReconAfrica also published its first Sustainability Report and secured listing on the Namibian Stock Exchange.