Latest news with #ReconAfrica
Zawya
22-07-2025
- Business
- Zawya
Independent Operators Join Angola Oil & Gas (AOG) 2025 to Discuss Frontier Drilling, Onshore Prospects
Angola witnessed a surge in Merger&Acquisitions in recent months, as independent oil and gas companies strengthened their presence across the market. As the country prepares to launch its next licensing round in 2025 and continues promoting acreage available through its permanent offer scheme, this positive momentum is expected to continue. Leading independent oil and gas companies have joined the Angola Oil&Gas (AOG) conference to discuss investment strategies and upcoming projects. John Hamilton, CEO of Panoro Energy, is speaking at AOG 2025 – taking place September 3-4. The company has seen significant success in regional offshore markets, reporting steady production growth in Gabon, Equatorial Guinea and Tunisia this year. In 2025, Panoro Energy also made an offshore oil discovery at the Dussafu block in Gabon. The well contains up to 25 million barrels of recoverable resources and is set to support future production growth at the site. While the company does not have a presence in Angola as of yet, the country offers a wealth of block and partnership opportunities for Panoro Energy, particularly in offshore acreage where the company has extensive expertise. Onshore, companies such as ReconAfrica are making a play for frontier discoveries. The company signed an agreement with Angola's upstream regulator – the National Oil, Gas&Biofuels Agency – in April 2025 to explore 5.2 million acres in the Etosha-Okavango basin. Signaling ReconAfrica's entrance into Angola, the deal lays the foundation for a series of exploration activities over the next 24 months. ReconAfrica is also exploring in Namibia, where it has a license covering 6.3 million acres. During AOG 2025, Brian Reinsborough, CEO of ReconAfrica, is expected to shed light into the company's ongoing exploration activities. Robert Bose, CEO of, Sintana Energy, and Scott Gilbert, CEO of Corcel, are also expected to share insight into onshore exploration in Angola. With a majority interest in Block KON 16 - situated in the onshore Kwanza basin in Angola – Corcel has been working to advance exploration at the block. The company signed two agreements to this affect in 2025, increasing its share in KON 16 to 71.5%. The first agreement was signed with Intank Global DMCC for a 30% stake in the block. The second deal was signed with Sintana Energy in May 2025 for a 5% indirect interest. The transaction seeks to boost exploration activities at the block by mobilizing additional capital for exploration activities planned in 2026. The companies also signed an agreement to evaluate and pursue other exploration and production opportunities in Angola. The partners committed to collaborating on the identification and review of new opportunities. Meanwhile, George Toriola, Chief Strategy Officer at FIRST E&P, is also speaking at AOG 2025. While the company is not yet active in Angola, FIRST E&P has proven industry experience through its strong portfolio of producing assets in Nigeria. The company is exploring regional growth opportunities, seeking to leverage its experience in Nigeria's onshore and shallow water blocks to unlock additional production opportunities across sub-Saharan Africa. For Angola, which offers a wealth of onshore and shallow water opportunities, this experience stands to support the country's production goals while creating new opportunities for regional collaboration and trade. Distributed by APO Group on behalf of Energy Capital&Power.
Hamilton Spectator
22-07-2025
- Business
- Hamilton Spectator
ReconAfrica Provides a Corporate Operational Update
CALGARY, Alberta, July 22, 2025 (GLOBE NEWSWIRE) — Reconnaissance Energy Africa Ltd. (the 'Company' or 'ReconAfrica') (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) provides an operational update on the Kavango West 1X exploration prospect and announces the resignation of Iman Hill as a Corporate Director of the Company effective July 31, 2025. Kavango West 1X (Prospect I) – Spud scheduled before end of July The drilling rig has been safely moved on-site and all necessary permits required to spud the well have been received by the Company from the various regulators. Final drill-rig assembly and safety checks are underway and the Kavango West 1X exploration well is scheduled to spud before the end of July. The well is planned to reach total depth (TD) of approximately 3,800 metres (12,500 feet) and is expected to penetrate over 1,500 metres of Otavi carbonate reservoir section, which is the primary target of the Damara Fold Belt play. The Kavango West 1X exploration well will be the second test in the expansive Damara Fold Belt play. The prospect is a large structural fold identified on modern 2D seismic data, which extends over 22 kilometers long by three kilometers wide. The Company has identified over 19 prospects and leads mapped in the Damara Fold Belt trend, with an additional 5.0 million acres captured in a recently executed Memorandum of Understanding in offsetting Angola. Brian Reinsborough, President and CEO of ReconAfrica stated: 'Everyone at the Company has worked diligently to get drill-ready on the Kavango West 1X prospect and we are excited to spud the well in the coming days. We recognize the importance of this play opening well holds for our shareholders, the local communities in which we operate and the broader energy industry in Namibia. We are committed to remaining engaged with local communities and authorities and to ensuring the safe and efficient operation of this well.' Board of Directors Update Iman Hill, who was appointed a Director of ReconAfrica in August 2023, has resigned from the Board of Directors effective July 31, 2025, due to foreign work obligations. Following Iman's resignation, the Board of Directors will consist of five members, three of whom are independent directors. Currently, the Board of Directors intends to remain at five seats. Diana McQueen, Board Chair of ReconAfrica commented: 'We thank Iman for her work and guidance over the past two years and wish her well in her future endeavors. With respect to the Kavango West 1X well, ReconAfrica wishes to thank all community and regulatory stakeholders in Namibia for working with the Company to bring the well to the current drill-ready stage. ReconAfrica remains engaged with its stakeholders and is focused on operations that are safe for all employees and neighbouring communities, as well as wildlife and the environment.' About ReconAfrica ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences comprising ~13 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. For further information contact: Brian Reinsborough, President and Chief Executive Officer Mark Friesen, Managing Director, Investor Relations & Capital Markets IR Inquiries Email: investors@ Media Inquiries Email: media@ Tel: +1-877-631-1160 Cautionary Note Regarding Forward-Looking Statements: Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the expected including timing of spud of the Kavango West 1X well, the well being drilled to a planned total depth of approximately 3,800 metres (12,500 feet), timing to reach total depth of the well and the Company's commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in its project areas. These statements relate to future events or future performance. The use of any of the words 'could', 'intend', 'expect', 'believe', 'will', 'projected', 'estimated' and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the 'Risk Factors' section in the Company's annual information form ('AIF') dated April 29, 2025 for the financial period ended December 31, 2024, available under the Company's profile at . Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
West Australian
02-07-2025
- Business
- West Australian
88 Energy JV secures 12-month extension for Namibian onshore licence
88 Energy has secured a 12-month extension for the company's onshore Owambo Basin petroleum exploration licence PEL93 in Namibia that will extend its first renewal exploration period through to October 2026. During the extension period, the company must acquire an airborne gravity and magnetic survey, augmented by radiometric data, and integrate its datasets to support drill site selection. Additionally, an environmental impact assessment (EIA) is required for the proposed drilling, along with a minimum gross expenditure of US$800,000 (A$1.2 million). The company holds a 20 per cent working interest in PEL 93 in a joint venture with Monitor Exploration. In conjunction with the licence extension, the two companies have executed a variation to their existing farmout agreement that addresses the joint venture's new commitments. The amendment introduces a stage 1A work program, which includes a high-resolution airborne gravity, magnetic and radiometric survey. Other commitments include the preparation of a certified prospective resource report, identification of potential drilling locations and creation of an authority for expenditure for the proposed well. The stage 1A program will be jointly funded on an equal basis by 88 Energy and Monitor, subject to a cost cap of US$1 million, unless otherwise agreed. The geophysical survey is already scheduled for the second half of the year and will focus on the southern area of PEL 93, after a priority drill location, known as Lead 9, was identified during a 2024 2-D seismic survey program. Lead 9 is a very large anticlinal structure, similar to ReconAfrica's imminent Kavango West 1X well. Both structures have large, robust structural closures, shallow clastic reservoirs, a deeper Otavi carbonate reservoir seen in Naingopo-1 and deeper source rocks. According to Monitor, the venture's operator, the regional structural model points to a host of similar features that extend across the southern Owambo Basin. The company says previous gravity and radiometric data indicate that even bigger structural leads may exist in the block's southeast. The imminent drilling of ReconAfrica's Kavango West 1X exploration well in the adjacent Damara Fold Belt will target a large fold structure about 20 kilometres long and 5km wide. ReconAfrica's rig mobilisation is scheduled for mid-2025, with drilling expected to commence soon afterwards. The company expects it will pierce a thick Otavi carbonate reservoir with mature source rocks within the same closure. This build-up of regional activity highlights growing industry interest in the broader Owambo Basin. With its strategic acreage position in the Owambo Basin and a well-defined program ahead, the joint venture duo is well-situated to participate in a significant way in a what could be a transformational phase of Namibian onshore exploration and appraisal. Is your ASX-listed company doing something interesting? Contact:
Associated Press
17-06-2025
- Business
- Associated Press
ReconAfrica Announces Closing of C$19 Million Underwritten Offering, Including the Full Exercise of the Over-Allotment Option
**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES** CALGARY, Alberta, June 17, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the 'Company' or 'ReconAfrica') (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) is pleased to announce that it has completed its previously announced and upsized underwritten public offering (the 'Offering') of units of the Company (the 'Units') at a price of C$0.50 per Unit, including the full exercise of the over-allotment option, for aggregate gross proceeds of approximately C$19 million. The Offering was led by Research Capital Corporation as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the 'Underwriters'). BW Energy Limited ('BW Energy') (OSE: BWE), directors and management of ReconAfrica and certain other investors, participated in the Offering for approximately C$4.7 million. The Units purchased by BW Energy are subject to a six-month lock-up agreement. Each Unit is comprised of one common share of the Company ('Common Share') and one Common Share purchase warrant of the Company ('Warrant'). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of C$0.60 until June 17, 2027. The Warrants will commence trading on the TSX Venture Exchange ('TSXV') under the symbol ' on or about June 24, 2025, subject to final TSXV acceptance. The net proceeds from the Offering will be used for exploration activities, working capital and general corporate purposes. The primary exploration activity to be funded with net proceeds from the Offering will be the drilling of Prospect I, which has been named the Kavango West 1X well. Work on the access road and drill site is currently being completed while the Company awaits receipt of the remaining requisite permits. The rig mobilization to the Kavango West 1X location is scheduled in late June, with drilling to begin thereafter. Kavango West 1X – High Potential Exploration Well The Kavango West 1X exploration well will be the second test in the expansive Damara Fold Belt play. The prospect is a large fold identified on modern 2D seismic data which extends over 20 kilometers long by 5 kilometers wide and is expected to penetrate a thick Otavi carbonate reservoir section, which is the primary target in the play. The Kavango West 1X well will be drilled to a planned total depth of approximately 3,800 metres (12,500 feet) and is targeting 346 million barrels of gross unrisked (30 million barrels of gross risked) prospective light/medium crude oil resources on a 100% working interest basis, 312 million barrels(1,2) net unrisked (27 million barrels net risked) to ReconAfrica's 90% working interest as at the date of the NSAI report or 1,839 billion cubic feet of gross unrisked (133 Bcf risked) prospective natural gas resources on 100% working interest basis, 1,655 billion cubic feet(1,2) unrisked net (120 Bcf net risked) to ReconAfrica's 90% working interest as at the date of the NSAI report), based on the most recent prospective resources report prepared by Netherland, Sewell & Associates, Inc. ('NSAI') as at December 31, 2024, filed on SEDAR+ at (the 'NSAI Report')(1)(2). Damara Fold Belt Play Across 11.5 Million Acres in Namibia and Angola The Damara fold belt trend is identified in the subsurface by a grid of 2D seismic data, and the Company has mapped 19 prospects and 4 leads on the Namibia side of the play. The Namibia area is estimated to hold 2.6 billion barrels(1,2) of unrisked prospective light/medium crude oil resources and 157 million barrels(1,2) of risked prospective light/medium crude oil resources from the Damara Fold Belt play prospects on PEL 73. Recently, the Company has entered a Memorandum of Understanding (MOU) with National Agency for Petroleum, Gas and Biofuels of Angola (ANPG) for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. This agreement is a strategic addition to the Company's asset portfolio, which creates an opportunity for early entry into onshore Angola at a low cost, with minimal work commitments. It complements ReconAfrica's activities in Namibia and highlights the potential of the Damara Fold Belt and Rift Basin by adding 5.2 million contiguous acres in Angola to the existing 6.3 million acres in Namibia in the Damara Fold Belt and Rift Basin exploration plays. Notes: Additional Details on the Offering The Offering was completed by way of a prospectus supplement to the Company's short form base shelf prospectus dated February 29, 2024, filed in all of the provinces and territories of Canada, and the Units were sold outside of Canada on a private placement basis. Copies of the prospectus supplement and the base shelf prospectus are available under the Company's profile on SEDAR+ at Directors and officers of the Company participated in the Offering and were issued an aggregate of 687,400 Units. Such participation in the Offering constitutes a 'related party transaction' as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ('61-101'). The Offering is exempt from the formal valuation and minority shareholder approval requirements of 61-101 as neither the fair market value of the securities issued to related parties nor the consideration for such securities exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to closing of the Offering as the participation of insiders of the Company in the Offering had not been confirmed at that time and the shorter time period was necessary in order to permit the Company to close the Offering in a timeframe consistent with usual market practice for transactions of this nature. The Underwriters received a cash commission equal to 7.0% of the gross proceeds of the Offering (other than from the sale of Units to BW Energy and purchasers on the president's list, for which a 3.0% cash commission was paid), for an aggregate of C$1,124,936. In addition, the Underwriters were issued an aggregate of 2,124,472 broker warrants (the 'Broker Warrants'), equal to 7.0% of the number of Units sold under the Offering (other than with respect to those sold to BW Energy and purchasers on the president's list, for which no Broker Warrants were issued). In addition, the Underwriters received an advisory fee of C$95,000 (plus GST) and 121,380 advisory broker warrants on the same terms as the Broker Warrants. Each Broker Warrant entitles the holder to acquire one Common Share at a price of C$0.50 until June 17, 2027. This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the U.S. Securities Act and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. TSXV Final Approval of Certain Warrant Extensions The TSXV has approved the application for extension of certain previously issued unlisted warrants announced by the Company in a news release on May 21, 2025. The warrants with an original expiry date of September 1, 2025, and an exercise price of C$1.40 per Common Share will be extended to March 1, 2027. The warrants with an original expiry date of July 18, 2025, and an exercise price of C$1.35 per Common Share will be extended to January 18, 2027. Warrant holders will not have to take any action in connection with the extensions. The exercise prices remain unchanged. About BW Energy BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company's assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block in, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy. BW Energy, 74% owned by BW Group Ltd., was created as the E&P arm of Oslo listed BW Offshore, a company with more than four decades of experience in operating advanced offshore production solutions and executing complex projects. Since its origin, BW Offshore has executed 40 FPSO and FSO projects. About ReconAfrica ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences comprising ~13 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. For further information contact: Brian Reinsborough, President and Chief Executive Officer Mark Friesen, Managing Director, Investor Relations & Capital Markets Email: [email protected] IR Inquiries Email: [email protected] Media Inquiries Email: [email protected] Tel: +1-877-631-1160 Cautionary Note Regarding Forward-Looking Statements: Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the expected use of proceeds from the Offering, the anticipated listing of the Warrants on the TSXV, spudding of the Kavango West 1X wellfollowing final completion of the access road and drill site preparation, receipt of all required permits and the rig being moved to the drilling location, which has been scheduled for late June 2025, the well being drilled to a planned total depth of approximately 3,800 metres (12,500 feet) and targeting 255 million barrels of unrisked prospective oil resources or 1,350 billion cubic feet of unrisked prospective natural gas resources,and the Company's commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in its project areas. These statements relate to future events or future performance. The use of any of the words 'could', 'intend', 'expect', 'believe', 'will', 'projected', 'estimated' and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the 'Risk Factors' section in the Company's annual information form ('AIF') dated April 29, 2025 for the financial period ended December 31, 2024, available under the Company's profile at Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. Disclosure of Oil and Gas Information: The Resource Report and the prospective resource estimates contained therein and in this press release were prepared by NSAI, an independent qualified reserves evaluator. The Resource Report was prepared in accordance with the definitions and guidelines of the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and National Instrument 51-101 — Standards of Disclosure for Oil and Gas Activities. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by applying future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further categorized according to the level of certainty associated with recoverable estimates assuming their discovery and development and may be subclassified based on project maturity. The prospective resources included in Resource Report and in this press release should not be construed as reserves or contingent resources; they represent exploration opportunities and quantify the development potential in the event a petroleum discovery is made. A geologic risk assessment was performed for these prospects and leads, as discussed in the Form 51-101F1 — Statement of Reserves Data and Other Oil and Gas Information ('Form 51-101F1') dated April 29, 2025 and effective as of December 31, 2024, available under the Company's profile at The Resource Report is also available under the Company's profile at The Resource Report does not include economic analysis for these prospects and leads. Based on analogous field developments, it appears that, assuming a discovery is made, the unrisked best estimate prospective resources in the Resource Report have a reasonable chance of being economically viable. There is no certainty that any portion of the prospective resources will be discovered. If they are discovered, there is no certainty that it will be commercially viable to develop and produce any portion of the prospective resources. For additional information concerning the risks and the level of uncertainty associated with recovery of the prospective resources detailed herein and in the Resource Report, the significant positive and negative factors relevant to the prospective resources estimates detailed herein and in the Resource Report and a description of the project to which the prospective resources estimates detailed herein and in the Resource Report applies are contained within the Form 51-101F1.
Yahoo
17-06-2025
- Business
- Yahoo
ReconAfrica Announces Closing of C$19 Million Underwritten Offering, Including the Full Exercise of the Over-Allotment Option
Kavango West 1X (Prospect I) rig mobilization to occur in June 2025 **NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES** CALGARY, Alberta, June 17, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the 'Company' or 'ReconAfrica') (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) is pleased to announce that it has completed its previously announced and upsized underwritten public offering (the 'Offering') of units of the Company (the 'Units') at a price of C$0.50 per Unit, including the full exercise of the over-allotment option, for aggregate gross proceeds of approximately C$19 million. The Offering was led by Research Capital Corporation as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the 'Underwriters'). BW Energy Limited ('BW Energy') (OSE: BWE), directors and management of ReconAfrica and certain other investors, participated in the Offering for approximately C$4.7 million. The Units purchased by BW Energy are subject to a six-month lock-up agreement. Each Unit is comprised of one common share of the Company ('Common Share') and one Common Share purchase warrant of the Company ('Warrant'). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of C$0.60 until June 17, 2027. The Warrants will commence trading on the TSX Venture Exchange ('TSXV') under the symbol " on or about June 24, 2025, subject to final TSXV acceptance. The net proceeds from the Offering will be used for exploration activities, working capital and general corporate purposes. The primary exploration activity to be funded with net proceeds from the Offering will be the drilling of Prospect I, which has been named the Kavango West 1X well. Work on the access road and drill site is currently being completed while the Company awaits receipt of the remaining requisite permits. The rig mobilization to the Kavango West 1X location is scheduled in late June, with drilling to begin thereafter. Kavango West 1X – High Potential Exploration Well The Kavango West 1X exploration well will be the second test in the expansive Damara Fold Belt play. The prospect is a large fold identified on modern 2D seismic data which extends over 20 kilometers long by 5 kilometers wide and is expected to penetrate a thick Otavi carbonate reservoir section, which is the primary target in the play. The Kavango West 1X well will be drilled to a planned total depth of approximately 3,800 metres (12,500 feet) and is targeting 346 million barrels of gross unrisked (30 million barrels of gross risked) prospective light/medium crude oil resources on a 100% working interest basis, 312 million barrels(1,2) net unrisked (27 million barrels net risked) to ReconAfrica's 90% working interest as at the date of the NSAI report or 1,839 billion cubic feet of gross unrisked (133 Bcf risked) prospective natural gas resources on 100% working interest basis, 1,655 billion cubic feet(1,2) unrisked net (120 Bcf net risked) to ReconAfrica's 90% working interest as at the date of the NSAI report), based on the most recent prospective resources report prepared by Netherland, Sewell & Associates, Inc. ('NSAI') as at December 31, 2024, filed on SEDAR+ at (the 'NSAI Report')(1)(2). Damara Fold Belt Play Across 11.5 Million Acres in Namibia and Angola The Damara fold belt trend is identified in the subsurface by a grid of 2D seismic data, and the Company has mapped 19 prospects and 4 leads on the Namibia side of the play. The Namibia area is estimated to hold 2.6 billion barrels(1,2) of unrisked prospective light/medium crude oil resources and 157 million barrels(1,2) of risked prospective light/medium crude oil resources from the Damara Fold Belt play prospects on PEL 73. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resources are those quantities of oil estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are the arithmetic sum of multiple probability distributions. Unrisked prospective resources are estimates of the volumes that could reasonably be expected to be recovered in the event of the discovery and development of these prospects. Not reflective of ReconAfrica's current working interest of 70% of PEL 73. Recently, the Company has entered a Memorandum of Understanding (MOU) with National Agency for Petroleum, Gas and Biofuels of Angola (ANPG) for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. This agreement is a strategic addition to the Company's asset portfolio, which creates an opportunity for early entry into onshore Angola at a low cost, with minimal work commitments. It complements ReconAfrica's activities in Namibia and highlights the potential of the Damara Fold Belt and Rift Basin by adding 5.2 million contiguous acres in Angola to the existing 6.3 million acres in Namibia in the Damara Fold Belt and Rift Basin exploration plays. Damara Fold Belt (Namibia)Best Estimate (2U) Prospective Light & Medium Crude Oil Resources (MMbbl)(1)(2)(3) Unrisked Risked Play Area/Subclass Gross (100%) Company Gross(1)(2)(3) Net(1)(2)(3) Gross (100%) Company Gross(1)(2)(3) Net(1)(2)(3) Damara Prospects 2,566.1 2,309.5 2,194.0 156.5 140.9 133.8 Leads 123.2 110.9 105.3 4.1 3.7 3.5 Notes: The 'Company Gross' and 'Net' figures in the table above are as set out in the Resource Report (as defined below) and have not been adjusted for the 20% working interest acquired by BW Energy from ReconAfrica pursuant to the strategic farm down that closed January 29, 2025. As of December 31, 2024 (and the effective date of the Resource Report, ReconAfrica owned a 90% working interest in PEL 73. As of the date hereof, ReconAfrica holds a 70% working interest in PEL 73 (with BW Energy Limited holding a 20% working interest and the National Petroleum Corporation of Namibia holding a 10% carried participating interest). 'Net' includes a 5% deduction for royalties. ReconAfrica engaged Netherland, Sewell & Associates, Inc. ('NSAI'), an independent qualified reserves evaluator, to provide an updated prospective resource report dated March 26, 2025 (with an effective date of December 31, 2024) relating to the Company's prospective resources (the 'Resource Report'). The Resource Report focused solely on the Company's interest in certain prospects and leads located in the Damara Fold and Thrust Belt (Damara) play area and the Karoo Rift play area of PEL 73. The preparation date of the Updated Report is January 1, 2025. Prospective resources are the arithmetic sum of multiple probability distributions. See 'Disclosure of Oil and Gas Information' for further information. There is no certainty that any portion of the prospective resources will be discovered. If they are discovered, there is no certainty that it will be commercially viable to develop and produce any portion of the prospective resources. Additional Details on the Offering The Offering was completed by way of a prospectus supplement to the Company's short form base shelf prospectus dated February 29, 2024, filed in all of the provinces and territories of Canada, and the Units were sold outside of Canada on a private placement basis. Copies of the prospectus supplement and the base shelf prospectus are available under the Company's profile on SEDAR+ at Directors and officers of the Company participated in the Offering and were issued an aggregate of 687,400 Units. Such participation in the Offering constitutes a 'related party transaction' as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ('61-101'). The Offering is exempt from the formal valuation and minority shareholder approval requirements of 61-101 as neither the fair market value of the securities issued to related parties nor the consideration for such securities exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to closing of the Offering as the participation of insiders of the Company in the Offering had not been confirmed at that time and the shorter time period was necessary in order to permit the Company to close the Offering in a timeframe consistent with usual market practice for transactions of this nature. The Underwriters received a cash commission equal to 7.0% of the gross proceeds of the Offering (other than from the sale of Units to BW Energy and purchasers on the president's list, for which a 3.0% cash commission was paid), for an aggregate of C$1,124,936. In addition, the Underwriters were issued an aggregate of 2,124,472 broker warrants (the 'Broker Warrants'), equal to 7.0% of the number of Units sold under the Offering (other than with respect to those sold to BW Energy and purchasers on the president's list, for which no Broker Warrants were issued). In addition, the Underwriters received an advisory fee of C$95,000 (plus GST) and 121,380 advisory broker warrants on the same terms as the Broker Warrants. Each Broker Warrant entitles the holder to acquire one Common Share at a price of C$0.50 until June 17, 2027. This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the U.S. Securities Act and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. TSXV Final Approval of Certain Warrant Extensions The TSXV has approved the application for extension of certain previously issued unlisted warrants announced by the Company in a news release on May 21, 2025. The warrants with an original expiry date of September 1, 2025, and an exercise price of C$1.40 per Common Share will be extended to March 1, 2027. The warrants with an original expiry date of July 18, 2025, and an exercise price of C$1.35 per Common Share will be extended to January 18, 2027. Warrant holders will not have to take any action in connection with the extensions. The exercise prices remain unchanged. About BW Energy BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company's assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block in, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy. BW Energy, 74% owned by BW Group Ltd., was created as the E&P arm of Oslo listed BW Offshore, a company with more than four decades of experience in operating advanced offshore production solutions and executing complex projects. Since its origin, BW Offshore has executed 40 FPSO and FSO projects. About ReconAfrica ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences comprising ~13 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. For further information contact:Brian Reinsborough, President and Chief Executive OfficerMark Friesen, Managing Director, Investor Relations & Capital Markets Email: admin@ IR Inquiries Email: investors@ Media Inquiries Email: media@ Tel: +1-877-631-1160Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the expected use of proceeds from the Offering, the anticipated listing of the Warrants on the TSXV, spudding of the Kavango West 1X well following final completion of the access road and drill site preparation, receipt of all required permits and the rig being moved to the drilling location, which has been scheduled for late June 2025, the well being drilled to a planned total depth of approximately 3,800 metres (12,500 feet) and targeting 255 million barrels of unrisked prospective oil resources or 1,350 billion cubic feet of unrisked prospective natural gas resources, and the Company's commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the "Risk Factors" section in the Company's annual information form ('AIF') dated April 29, 2025 for the financial period ended December 31, 2024, available under the Company's profile at Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained Resource Report and the prospective resource estimates contained therein and in this press release were prepared by NSAI, an independent qualified reserves evaluator. The Resource Report was prepared in accordance with the definitions and guidelines of the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and National Instrument 51-101 — Standards of Disclosure for Oil and Gas Activities. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by applying future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further categorized according to the level of certainty associated with recoverable estimates assuming their discovery and development and may be subclassified based on project maturity. The prospective resources included in Resource Report and in this press release should not be construed as reserves or contingent resources; they represent exploration opportunities and quantify the development potential in the event a petroleum discovery is made. A geologic risk assessment was performed for these prospects and leads, as discussed in the Form 51-101F1 — Statement of Reserves Data and Other Oil and Gas Information ('Form 51-101F1') dated April 29, 2025 and effective as of December 31, 2024, available under the Company's profile at The Resource Report is also available under the Company's profile at The Resource Report does not include economic analysis for these prospects and leads. Based on analogous field developments, it appears that, assuming a discovery is made, the unrisked best estimate prospective resources in the Resource Report have a reasonable chance of being economically viable. There is no certainty that any portion of the prospective resources will be discovered. If they are discovered, there is no certainty that it will be commercially viable to develop and produce any portion of the prospective resources. For additional information concerning the risks and the level of uncertainty associated with recovery of the prospective resources detailed herein and in the Resource Report, the significant positive and negative factors relevant to the prospective resources estimates detailed herein and in the Resource Report and a description of the project to which the prospective resources estimates detailed herein and in the Resource Report applies are contained within the Form 51-101F1. The prospective resources shown herein and in the Resource Report have been estimated using probabilistic methods and are dependent on a petroleum discovery being made. If a discovery is made and development is undertaken, the probability that the recoverable volumes will equal or exceed the unrisked estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate, and 10 percent for the high estimate. Low estimate and high estimate prospective resources have not been included in the Resource Report. For the purposes of the Resource Report, the volumes and parameters associated with the best estimate scenario of prospective resources are referred to as 2U. The 2U prospective resources have been aggregated beyond the prospect and lead level by arithmetic summation; therefore, these totals do not include the portfolio effect that might result from statistical aggregation. Statistical principles indicate that the arithmetic sums of multiple estimates may be misleading as to the volumes that may actually be recovered. Sign in to access your portfolio
