ReconAfrica Secures $13.2 Million in Oversubscribed Funding as Drilling Accelerates Across Africa
Canadian explorer Reconnaissance Energy Africa has successfully upsized its public offering to C$18 million ($13.2 million) due to stronger-than-expected investor demand, representing an increase of C$8 million from initial plans. Strategic partner BW Energy Limited joined other investors in the oversubscribed offering.
The company’s Kavango West 1X exploration well in Namibia, which began drilling on July 31, 2025, has reached approximately 2,300 meters depth with intermediate logging currently underway. Following casing installation, the company plans to drill through 1,500 meters of Otavi reservoir zone before reaching total depth of 3,800 meters, with results expected in Q4 2025.
Simultaneously, ReconAfrica has entered a production sharing contract for Gabon’s offshore Block C-7, renamed Ngulu, forming a joint venture with Record Resources Inc., the Republic of Gabon, and Gabon Oil Company. ReconAfrica will serve as operator with a 55% working interest, while Record holds 20%, Gabon Oil Company 15%, and the Republic of Gabon maintains a 10% carried interest.
Source: msn.com
