ReconAfrica has secured C$32 million in funding, exceeding initial expectations, to advance key exploration and appraisal activities in Namibia and Gabon.

Funding and Allocation

The increased funding, driven by strong investor demand, will be directed towards two primary operations. In Namibia, the funds will support an extensive production test at the Kavango West-1X discovery, install production casing, and prepare for an appraisal well. In Gabon, the capital will be used to reprocess seismic data over the legacy Loba discovery and inventory exploration prospects on the Ngulu block.

Namibia Operations: Kavango West-1X

The planned work program for the Kavango West-1X well is comprehensive. It involves testing at least eight reservoirs within identified hydrocarbon-bearing sections. A production casing string will be installed to a depth of 4260 meters to facilitate controlled interval testing and to complete the well as a potential future producer. Furthermore, the company will select a location for an appraisal well, a critical step toward a potential final investment decision for the project.

Gabon Operations: Ngulu Block

Activities on the Ngulu block are focused on data integration and evaluation. The company has gathered all available seismic and technical data and has received a 3D seismic dataset covering areas of interest, with reprocessing set to begin. Following the completion of reprocessing, ReconAfrica will commission a third-party resource report and determine the location for an appraisal well targeting the Loba discovery.

Angola Exploration

In onshore Angola, where ReconAfrica has a memorandum of understanding for an area considered a northern extension of the Kavango basin, the company plans to accelerate its evaluation. This includes geochemical sampling of surface oil seeps and initiating permitting for a potential 2D seismic survey as part of assessing the Damara Fold Belt play. Field crews for the sampling campaign are expected to begin work in April 2026.