ReconAfrica Reveals Insights from Latest Quarterly Report
ReconAfrica's Recent Quarterly Filing Highlights
Reconnaissance Energy Africa Ltd. (the 'Company' or 'ReconAfrica') has recently unveiled its fiscal second quarter disclosure documents. The reports entail unaudited consolidated financial statements and Management's Discussion and Analysis. These documents provide a window into the Company's progress through the three-month period concluded on June 30, and they can be accessed on SEDAR+.
CEO's Update on Operational Progress
Brian Reinsborough, President and CEO, shared exciting news: 'We spud the Kavango West 1X well on July 31, as planned. Our operations team is doing a remarkable job, and drilling is on schedule. Expectations are to penetrate the Otavi reservoir by late October, with total depth anticipated by the end of November. We're eager to share well results with all stakeholders as the year wraps up.'
Key Financial Developments
In the second quarter and subsequent timeline, ReconAfrica highlighted several pivotal advancements. A significant milestone was reached on June 17; the Company successfully closed a C$19 million equity financing. This funding round was upsized from an initial offering of C$10 million originally announced on June 4.
Exploration Efforts and Expectations
The drilling operations for the Kavango West 1X well commenced on July 31, demonstrating the Company's commitment to progress. The drilling process continues to proceed as expected, with plans to provide a drilling update in the first week of September. Completion of the well is projected for November 2025, and results will be communicated around the year's end.
About ReconAfrica
ReconAfrica is recognized as a proactive Canadian oil and gas firm focused on the exploration of the Damara Fold Belt and Kavango Rift Basin. This extensive area covers parts of Namibia, Angola, and Botswana, equating to approximately 13 million contiguous acres under the Company’s management. A notable commitment is made to operating with minimal ecological impact, aligning with international standards while embracing environmental and social best practices across all project areas.
Contact Information for Queries
Anyone seeking further information can reach out to Brian Reinsborough, President and Chief Executive Officer, or Mark Friesen, Managing Director, Investor Relations and Capital Markets. They can be contacted through their inquiry emails: investors@reconafrica.com for investor relations and media@reconafrica.com for media inquiries, along with a direct contact number at 1-877-631-1160.
Frequently Asked Questions
What are the recent updates from ReconAfrica?
ReconAfrica filed its quarterly disclosures, highlighting significant financial achievements and the commencement of the Kavango West 1X well drilling.
How much equity financing did ReconAfrica close?
ReconAfrica successfully closed a C$19 million equity financing, an increase from the initial offering of C$10 million.
What is the Kavango West 1X well?
The Kavango West 1X well is an exploration well that started drilling on July 31, 2025, with expectations of reaching total depth by the end of November.
When will ReconAfrica share updates on drilling results?
Drilling results are expected to be shared around the end of the year, following the completion of drilling activities.
What is the focus of ReconAfrica's exploration efforts?
ReconAfrica is primarily focused on exploring regions within the Damara Fold Belt and Kavango Rift Basin in southern Africa, emphasizing sustainable practices.
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