ReconAfrica Secures C$19 Million War Chest for High-Stakes Namibian Exploration
Reconnaissance Energy Africa has successfully raised C$19 million in gross proceeds to finance ambitious exploration activities, including the highly anticipated drilling of the Kavango West 1X well in Namibia’s Damara Fold Belt. The exploration target holds significant promise, with estimates of 346 million barrels of gross unrisked prospective crude oil and 1,839 billion cubic feet of natural gas.
The public offering, priced at C$0.50 per unit, included full exercise of the over-allotment option and featured warrants exercisable at C$0.60 until June 2027. Drilling operations are scheduled to commence following rig mobilization later this month, pending final permit approvals.
ReconAfrica has also signed a memorandum of understanding with Angola’s ANPG for a joint exploration venture in the Etosha-Okavango basin, expanding the company’s operational footprint to 13 million contiguous acres across Namibia and Angola. This strategic expansion positions ReconAfrica as a major player in southern African exploration, with potential to unlock significant hydrocarbon resources across the region.
Source: energycapitalpower.com
