ReconAfrica Secures C$10 Million for Namibian Exploration Push
Canadian oil and gas company ReconAfrica has successfully raised C$10 million through a public share offering to fund exploration activities in Namibia’s promising Damara Fold Belt. The investment will support drilling of the Kavango West 1X exploration well, the second major prospect in the play, with operations set to commence following rig arrival in June 2025.
Research Capital Corporation is leading the underwriting syndicate, which includes Canaccord Genuity Corp and Haywood Securities Inc. Preliminary work on access roads and drill site preparation has already begun, with final permits pending approval.
BW Energy, which acquired a 16.8 million share stake in ReconAfrica in 2024, is contributing C$2 million to the offering, representing 20% of the total raise. This investment will increase BW Energy’s ownership from 6.5% to 7.6%, subject to a six-month lock-up period.
The Kavango West 1X prospect represents one of ReconAfrica’s largest and most attractive targets. Company confidence has been bolstered by positive results from the Naingopo exploration well announced in January 2025, which provided valuable insights into the region’s petroleum potential.
Source: energycapitalpower.com
