Reconnaissance Energy Africa (ReconAfrica) announces that, in connection with its previously announced overnight marketed, listed issuer financing exemption private placement offering of units of the Company (each, a "Unit"), it has increased the size of the offering due to strong investor demand, and has entered into an amended agreement with Research Capital Corporation as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and Haywood Securities Inc., pursuant to which the Underwriters have agreed to purchase 33,684,300 Units at a price of C$0.95 per Unit for aggregate gross proceeds of C$32,000,085.

In connection with the Offering, certain members of management and directors of the Company and other president's list investors will be investing in the Offering.

For the purposes of accelerating value capture, ReconAfrica plans to expedite activity across its portfolio, which is 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 pre-drill operations to a drill ready status at 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.

Corporate Update

Namibia – Kavango West 1X
Production Test – As previously announced, ReconAfrica and its partners decided to proceed directly to production testing and not to perform a drill stem test ("DST") to allow for more controlled testing of isolated intervals of interest. Due to thicker than expected Huttenburg and Elandshoek hydrocarbon bearing sections, a cased hole production test was selected as the most efficient use of capital to test the deliverability of all hydrocarbon bearing intervals. As a result of the extensive section of hydrocarbons, we plan to test up to eight intervals.

Production Casing String – A production casing string will be installed from the surface down to a total depth of 4,260 metres. This will allow for more controlled testing of all hydrocarbon-bearing intervals and for the well to be completed as a potential producing well.

Progress Kavango Discovery Toward Commercialization – In addition, ReconAfrica will be selecting the appraisal well location, advancing permitting and conducting drill-site preparations to a drill-ready status. The appraisal well location will test the pre-drill expected resource estimate of the Kavango structure. Upon successful results of the appraisal well, the Company would be able to issue an updated resource report and book reserves on the field. This appraisal well will be a critical step toward a final investment decision ("FID")/commercialization.

Angola – Memorandum of Understanding Area ('MOU")
As a result of the success at the Kavango West 1X well, the Company plans to accelerate geochemical sampling of surface oil seeps in the MOU area in Angola and commence permitting for a potential 2D seismic program as part of the broader evaluation of the Damara Fold Belt. Crews are expected to be in the field in April 2026 to commence the sampling program.

Gabon – Ngulu Block
In September of 2025 the Company signed a Production Sharing Contract ("PSC") with the Republic of Gabon and its national oil and gas company, Gabon Oil Company ("GOC"), for the Ngulu block located in the shallow waters offshore central Gabon. The Company has been gathering all the available seismic surveys and other technical data that is available on the Ngulu lease and sourcing seismic reprocessing vendors. The Company has received 3D seismic data covering prospective areas of interest and reprocessing efforts are commencing this month. Following the reprocessing and detailed evaluation of the seismic data, the Company plans to obtain a third-party resource report outlining the significant potential of the block and progress the Loba field appraisal well to a drill-ready status. The re-interpreted seismic data, combined with the updated resource report, are critical steps for the selection of an appraisal well location on the Loba discovery.

KeyFacts Energy: ReconAfrica Namibia country profile   l   ReconAfrica Gabon country profile