ReconAfrica Raises C$32 Million to Expand Namibia Oil Project and Exploration in Angola and Gabon
Reconnaissance Energy Africa Ltd (ReconAfrica), the Canadian-listed oil and gas company, has raised its fundraising target to C$32 million following strong investor demand. The company plans to issue approximately 33.7 million new units at C$0.95 each.
Funds from the offering will primarily support ongoing development at the Kavango West 1X oil discovery in northeastern Namibia, preparation for additional drilling, and continued exploration in Angola and offshore Gabon. ReconAfrica’s management and board members will also participate in the offering.
Each unit consists of one ordinary share and half a warrant, giving investors the option to purchase additional shares at a higher price in the future. The transaction is expected to close around January 19, 2026, subject to regulatory approvals.
Namibia Operations
In Namibia, the company plans extended testing at the Kavango West 1X well to better assess production levels and prepare a second well in the Kavango area to confirm the discovery’s size and commercial potential before moving toward full-scale production.
Angola and Gabon Exploration
In Angola, ReconAfrica will accelerate fieldwork near the Namibian border, including surface sampling and surveys to guide future drilling, with operations set to begin in April 2026. Offshore Gabon, the company is reviewing and updating survey data on the Ngulu Block, which includes the Loba discovery, to identify future drilling opportunities.
Corporate and Regional Strategy
A portion of the funds will also support corporate expenses and daily operations. ReconAfrica operates in Namibia, Angola, Botswana, and Gabon, focusing on exploration while adhering to international environmental and social standards to minimize impact.
With this fundraising initiative, ReconAfrica aims to expand its 2026 work program, strengthen its regional presence, and advance the commercial potential of its discoveries across southern and central Africa.
