ReconAf gets additional funding before drilling offshore Namibia

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BW Energy has generously responded to the offering. (Image source; Adobe Stock)

Ahead of the Kavango West 1X well excavation offshore Namibia, Reconnaissance Energy Africa Ltd has issued a public offering of its units following an agreement with Research Capital Corporation as the lead underwriter and sole bookrunner

BW Energy Limited, and directors and management members of ReconAfrica, among other investors, have generously responded to the offering. While BW Energy has already been on a strategic partnership with ReconAF, its fresh batch of investments in the company represents approximately 20% of the offering, increasing its share ownership position in ReconAfrica to around 7.6%.

The net proceeds from the offering will drive exploration activities -- mainly the Kavango West 1X well -- working capital and general corporate purposes. Work on the access road and drill site is currently being completed while the company awaits receipt of the remaining requisite permits. The rig move to the Kavango West 1X well drilling location is scheduled later this month, with drilling to begin thereafter.

Brian Reinsborough, president and CEO of ReconAfrica said, "We are excited to spud one of the Company's largest and most attractive prospects, Kavango West 1X. The results of the Naingopo exploration well announced in January 2025 increased our confidence in the potential for this well. Our teams remain very engaged with local communities and authorities to ensure a safe and efficient operation of this well."

Carl K Arnet, BW Energy CEO, said, "Our technical and operational teams at BW Energy are delighted to be participating in the high potential Kavango West 1X exploration well. BW Energy is well positioned in this strategically important energy region and further our position as a leader in Namibia's development towards energy independence. The data and insights gained through ReconAfrica's exploration campaign will further our understanding of the geology and petroleum system in Namibia and help de-risk planned exploration and development of our Kudu licence."