03:50 PM EST, 01/19/2026 (MT Newswires) -- Reconnaissance Energy Africa ( RECAF ) , down more than 3% at last look, said Monday it has closed an underwritten offering for C$36.8 million, with funding to advance multi-zone production testing At Kavango West 1X, accelerate follow-on appraisal drilling on the Kavango Discovery and advance activities At Ngulu Block In Gabon

ReconAfrica, as it is known, issued more than 38.7 million units at C$0.95 per unit, with each unit comprising one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at C$1.20 for up to 36 months from the closing of the offering.

According to a statement, the offering aims to fund the multi-pronged 2026 capital program. Net proceeds will be used for various activities including conducting an extensive production test and installing production casing at the Kavango West 1X discovery well; advancing operations to spud the Kavango appraisal well; re-processing seismic at the Loba discovery and exploration inventory on the Ngulu block in Gabon to advance toward a resource report and drill ready status of an appraisal well; and general corporate purposes and working capital.

The offering is subject to final acceptance by the TSX Venture Exchange.

Additionally, BW Energy Limited (BWE) indirectly through its wholly-owned subsidiary BW Energy Services Limited (BWESL) acquired more than 2.3-million units pursuant to the offer, comprised of 2.3-million common shares and near 1.2-million warrants, for $2.2 million, as per the statement.

Following the closing of the offering, BW Energy now owns 26.3-million common shares and 25.2-million common share purchase warrants of the company.

ReconAfrica had dropped $0.03 to $0.85 at last look on TSXV on Monday.