1. ReconAfrica filed its Q2 2025 financial statements. 2. Company spud the Kavango West 1X well on July 31. 3. Drilling is on schedule with total depth expected by November 2025. 4. The closed equity financing was upsized to C$19 million. 5. Well results anticipated by year-end, promising developments for stakeholders.
Positive drilling updates and substantial financing indicate operational strength and future growth. Historical examples show that successful wells can significantly boost stock prices, as seen with other exploration companies.
The determined drilling schedule and successful fundraising indicate positive market sentiment and operational viability, which are critical for stock valuation.
Well results expected later this year may impact prices positively into 2026. Market responses to similar companies suggest sustained interest based on exploration successes.
CALGARY, Alberta, Aug. 25, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV:RECO) (OTCQX:RECAF) (Frankfurt: 0XD) (NSX: REC) announces the filing of its fiscal second quarter disclosure documents for the three-month period ended June 30, 2025, including the unaudited consolidated financial statements and Management's Discussion and Analysis ("MD&A"), which are available on SEDAR+ at www.sedarplus.ca.
Brian Reinsborough, President and CEO of the Company commented: "We spud the Kavango West 1X well on July 31, as planned. Our operations team is doing a great job and drilling remains on schedule. We expect to penetrate the Otavi reservoir in late October and reach total depth by the end of November. We look forward to reporting well results to all stakeholders around year-end."
Selected Highlights
For the second quarter ended June 30, 2025, and subsequent period, the Company announced:
Operational and Corporate Update
The Company spud the Kavango West 1X exploration well on July 31, 2025, and the well is currently drilling as planned. The Company expects to be able to release a drilling update during the first week of September. The well is expected to reach total depth by the end of November 2025, and the Company expects to release well results around year-end.
About ReconAfrica
ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences and access to ~13 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Brian Reinsborough, President and Chief Executive Officer
Mark Friesen, Managing Director, Investor Relations and Capital Markets
IR Inquiries Email: investors@reconafrica.com
Media Inquiries Email: media@reconafrica.com
Telephone: 1-877-631-1160
Cautionary Note Regarding Forward-Looking Statements:
Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, the timing of permits, timing and sequencing of the next well, actual well results, future drilling activity, resource potential, the updated NSAI Report, the Company's commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the "Risk Factors" section in the Company's annual information form dated April 29, 2025, available under the Company's profile at www.sedarplus.ca. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
