ReconAfrica announces C$10m overnight offering led by BW Energy

Reconnaissance Energy Africa Ltd. (ReconAfrica) has announced a C$10 million overnight marketed public offering of units priced at C$0.50 per unit, with BW Energy Limited leading with a significant investment. BW Energy's investment of approximately C$2 million reaffirms a strategic partnership and will increase its share ownership in ReconAfrica from approximately 6.5% to 7.6%. The offering will fund exploration activities, primarily the drilling of Prospect I, named Kavango West 1X well, scheduled to begin in late June 2025. The Kavango West 1X well is targeting 346 million barrels of gross unrisked prospective light/medium crude oil resources.