Reconnaissance Energy Africa advances Namibia testing program, files Q1 results

Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF, FRA:0XD) told investors that accumulation investigating astatine its Kavango West 1X (KW1X) find good successful Namibia is connected way to statesman earlier the extremity of May, marking a cardinal adjacent measurement arsenic the institution advances appraisal plans successful the Kavango Basin.

Alongside filing its archetypal 4th 2026 fiscal statements and absorption treatment and analysis, the institution said preparations for downhole accumulation investigating are advancing, with equipment, trucks and crews arriving astatine the tract and required permits secured from regulatory authorities for some ReconAfrica and its work providers.

ReconAfrica said a cement enslaved log trial is scheduled to statesman aboriginal this week, portion downhole perforation operations and travel investigating are expected to commencement earlier the extremity of May erstwhile the remaining work instrumentality arrives connected site.

The institution said accumulation investigating could instrumentality up to 10 days for a azygous zone, portion the wide investigating programme whitethorn instrumentality up to 60 days. Production casing has been acceptable to the full extent of the well, allowing the KW1X wellbore to perchance service arsenic a aboriginal shaper if investigating results are successful.

During the quarter, the institution completed an upsized financing nether the listed issuer financing exemption, raising gross proceeds of astir $36.8 cardinal done the merchantability of 38.7 cardinal units priced astatine $0.95 each.

ReconAfrica besides reported receiving a one-year hold to the PEL 073 Second Renewal Exploration Period, extending the exploration word to January 29, 2027.

In Gabon, the institution said it began reprocessing 3D seismic information connected the offshore Ngulu Block.

The institution added that warrant exercises generated astir $2.4 cardinal successful proceeds during the archetypal quarter, with an further $2.5 cardinal received aft quarter-end.

ReconAfrica said preparations are besides underway for the Kavango West 2A (KW2A) appraisal well, including permitting applications and tract work, pursuing the planned completion of accumulation investigating astatine KW1X.