01:39 PM EDT, 09/19/2025 (MT Newswires) -- Reconnaissance Energy Africa ( RECAF ) shares fell 17% on Friday after it upsized an overnight marketed public offering of share units to$18 million from $10 million, earlier.

The company said the underwriters have agreed to buy 30-million units at $0.60 apiece and made up of a share and a two-year warrant to buy a share of $0.72.

Proceeds from the offering will be used for activities related to the advancement of appraisal and exploration expenses related to the Ngulu Production Sharing Contract.

Reconnaissance Energy Africa ( RECAF ) granted underwriters a 15% over-allotment option.

The company also said the Kavango West 1X exploration well, which spud on July 31, has drilled to a depth of about 2,300 meters of and expected total depth of 3,800 meters. It added that intermediate logging is currently underway.

Shares of the company were last seen down $0.12 to $0.55 on the TSX Venture Exchange.

Price: 0.55, Change: -0.12, Percent Change: -17.91