Reconnaissance Energy Africa Ltd (TSXV: RECO, OTCQX: RECAF) has increased its underwritten public offering to C$18mn ($13.2mn) to finance operational activities in Gabon and continue drilling in Namibia, the Canadian explorer said in a September 19 release.

The raise represents an increase of C$8mn ($5.9mn) from its earlier plan, citing stronger than expected investor demand. ReconAfrica's strategic partner, BW Energy Limited, will be investing alongside other investors in the offering.

ReconAfrica said in a September 19 update proceeds will support exploration on the Ngulu Block offshore Gabon, where preparatory seismic work and drilling campaigns are under way. ReconAfrica highlighted Gabon’s established offshore production and fiscal framework as factors that strengthen the project’s attractiveness.

In Namibia, ReconAfrica reported that its Kavango West-1X exploration well has reached the target interval, with logging operations ongoing to evaluate reservoir quality and hydrocarbon potential. Further technical results will be disclosed once available, the company noted.

Stakeholders in both Gabon and Namibia view the projects as part of broader efforts to diversify Africa’s upstream frontier. Offshore Gabon continues to draw interest from independents and majors, while Namibia’s Kavango basin is promoted as a potential new oil province, though geological risks remain. Investors are expected to monitor upcoming results closely before committing additional capital.

ReconAfrica said the upsized financing reflects its ongoing reliance on capital markets to fund exploration activities. It added that the proceeds would be deployed immediately to sustain progress in both jurisdictions.

Namibia - KW1X Drilling Update

The Kavango West 1X exploration well, which spud on July 31, 2025, has drilled to a depth of ~2,300 metres. Intermediate logging is currently underway. Once casing has been set at this depth, the Company plans to drill through ~1,500 metres of Otavi reservoir zone before reaching total depth ("TD") of ~3,800 metres. Drilling remains on schedule to reach TD with well results expected in Q4 2025.

Gabon - Ngulu Update

As previously announced on September 9, 2025, ReconAfrica has entered into a PSC and will form a joint venture led by ReconAfrica along with Record Resources Inc. (TSXV: REC), the Republic of Gabon and its national oil and gas company, Gabon Oil Company (GOC). The PSC is for the exploration, appraisal, development and production of oil and gas on Gabon offshore Block C-7, renamed Ngulu.

Under the terms of the joint venture, ReconAfrica will be the designated operator, with a 55% working interest, Record with a 20% working interest, the Gabon Oil Company with a 15% working interest and the Republic of Gabon with a 10% working interest (carried).