Reconnaissance Energy Africa provides an operational update and report 2025 financial and operational results. 

Brian Reinsborough, President and CEO, stated: 
"2025 was another transformational year for ReconAfrica as we progressed all aspects of our strategic goals. We completed our farm down transaction with BW Energy Ltd. which was a significant milestone for the Company. We made the strategic move to broaden our portfolio by entering the shallow waters of Gabon by signing the Ngulu PSC, which adds another discovery to our inventory and high potential exploration acreage. We entered Angola by signing the MOU to ensure we captured significant running room in the Damara Fold Belt in advance of drilling the Kavango discovery. And finally, we made a significant play opening discovery at the Kavango West 1X well. I congratulate the ReconAfrica team, and our partners, for making this an exceptional year of advancement for the Company."

Namibia

In Namibia, operations at the Kavango West 1X discovery well are proceeding on schedule with the optimized zone production testing expected to commence early-to mid-May. The five-inch production liner has been set in the well bore which will allow zones to be isolated and tested sequentially. Perforating and testing of the six hydrocarbon bearing zones, ranging in thickness from 45-75 metres in both the Elandshoek and Huttenburg formations, will test approximately 420 metres of hydrocarbon saturated section. The production test, which is designed to determine hydrocarbon phase and deliverability, will be conducted in sequence from the deepest to the shallowest zone of interest. Testing of each zone could last up to 10 days, extending completion of the testing period to approximately the end of June.

The Company continues to advance preparations of a follow up appraisal well, located approximately 3-4 km southeast of the KW1X discovery. A successful follow up appraisal well will enable the booking of reserves and determination of a final investment decision (“FID”).

Gabon

The company has received all raw seismic tapes to commence the 3D reprocessing project over the Loba oil discovery and an additional 400 square km, covering the areas of primary interest where the Company identifies significant prospectivity. Final delivery of the seismic re-interpretation is expected in the fourth quarter of 2026 and will include state-of-the-art Pre-Stack Depth migration with Full Waveform Inversion technology aimed to clearly image salt-related exploration plays on the concession. The current seismic dataset will allow for a resource report and appraisal well location selection on the Loba oil field.

Highlights For 2025 and Subsequent Period

Operational

• Closed the BW Energy farm-in agreement on PEL 073. Resulting in the following working interests: ReconAfrica as operator (70%); BW Energy (20%) and NAMCOR (10%) carried participating interest.
• Entered onshore Angola by signing a MOU with the ANPG, for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola.
• Entered offshore Gabon by executing a Production Sharing Contract for the Ngulu Block, gaining a 55% working interest and operator status, adding a high-potential offshore exploration asset to the Company’s portfolio.
• Drilled the Kavango West 1X (“KW1X”) discovery well. Extensive wireline logging of the KW1X Well indicated approximately 75 metres of hydrocarbon pay within the Huttenburg formation as well as significant indications of hydrocarbon saturated section within the highly fractured Elandshoek formation.
• Production testing operations of the KW1X Well commenced in the first quarter of 2026.
• Commenced reprocessing of 3D seismic on the Ngulu Block offshore Gabon.

Corporate

• Appointed Mark Friesen as Vice President, Investor Relations and Capital Markets and Kent Newsham, Jim Basick and Paul Griffith to the exploration team.
• Received a one-year extension to the PEL 073 Second Renewal Exploration Period to January 29, 2027.
• Adopted a shareholder rights plan at the 2025 Annual General Meeting of shareholders.
• The Company filed its final short form base shelf prospectus dated April 13, 2026 with the securities commissions in each of the provinces and territories in Canada. Delivery of the base shelf prospectus and any amendment thereto is provided in accordance with the “access equals delivery” provisions of applicable securities legislation.
• Received proceeds of $3.0 million from warrant exercises in 2026 year-to-date.
• Warrants listed as RECO.WT, with an exercise price of $1.75, expire on July 31, 2026.

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