ReconAfrica Raises Funds to Advance Multi-Zone Production Testing, Appraisal Drilling in Namibia & Advance Activities at Ngulu Block

ReconAfrica is now funded in its plans to expedite activity across its portfolio following the completion its previously announced underwritten, listed issuer financing exemption offering. The offering which raised aggregate gross proceeds of C$36,800,098 was supported by the recent success at the Kavango West 1X well and the addition of the Ngulu Block offshore Gabon, which includes the Loba discovery, to the Company’s portfolio.

This Offering sets out to fund that multi-pronged 2026 capital program. Net proceeds will be used for the following activities:

• Conducting an extensive production test and installing production casing at the Kavango West 1X discovery well;
• Advancing operations to spud the Kavango appraisal well;
• Re-processing seismic at the Loba discovery and exploration inventory on the Ngulu block in Gabon to advance towards a resource report and drill ready status of an appraisal well; and
• General corporate purposes and working capital.